GBPUSD Movement
For the 24 hours to 23:00 GMT on Friday, GBP fell 0.37% against the USD and closed at 1.5469.
In the UK, the output producer price inflation eased to 2.8% (YoY) in May, from a revised rate of 3.2% in April. Meanwhile, the input producer price annual inflation eased to 0.1% in May, from a revised rate of 1.0% in April.
Meanwhile, Bank of England (BoE) in its survey report raised consumers’ expectations for inflation to 3.7% over the next 12 months, up from an expected 3.5% in February, highest since November.
In the Asian session, at GMT0300, the pair is trading at 1.5553, with the GBP trading 0.54% higher from Friday’s close. This morning, in the UK, Lloyd’s employment confidence remained steady at a reading of -59.0 in May.
The pair is expected to find support at 1.5451, and a fall through could take it to the next support level of 1.5349. The pair is expected to find its first resistance at 1.5608, and a rise through could take it to the next resistance level of 1.5663.
Trading trends in the pair today are expected to be determined by the release of RICS house price balance data.
The currency pair is trading well above its 20 Hr and 50 Hr moving averages.
