GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell marginally against the USD and closed at 1.5717. Losses in the pound were limited as Rightmove indicated that UK house prices increased for a sixth consecutive month in June.
In the Asian session, at GMT0300, the pair is trading at 1.5706, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.5674, and a fall through could take it to the next support level of 1.5642. The pair is expected to find its first resistance at 1.5745, and a rise through could take it to the next resistance level of 1.5784.
With a series of UK economic releases today, including consumer price index, DCLG house price index, producer price index and retail price index, trading in the pair is expected to be influenced by the resulting cues from these releases.
The currency pair is trading below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
