GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.93% against the USD and closed at 1.5717, after house prices in the UK fell unexpectedly in February, declining for the third time in the past four months.
Lloyds Banking Group’s Halifax division reported that the House Price Index in the UK declined 0.5% (MoM) in February, following a 0.6% rise in January.
In the Asian session, at GMT0400, the pair is trading at 1.5725, with the GBP trading 0.05% higher from yesterday’s close.
According to the British Retail Consortium-Nielsen Shop Price Index, annual shop price inflation fell for the fifth consecutive month in February to 1.2%, hitting its lowest level since March 2010.
The pair is expected to find support at 1.5659, and a fall through could take it to the next support level of 1.5594. The pair is expected to find its first resistance at 1.5827, and a rise through could take it to the next resistance level of 1.5930.
The currency pair is trading lower with its 20 Hr and 50 Hr moving averages.
