GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.41% against the USD, on Friday, and closed at 1.6042.
In the UK, the input producer price inflation rose to 17.0% (Y-o-Y) in June compared to a rate of 16.1% in May. Additionally, the output producer price index rose 5.7% (Y-o-Y) in June following a 5.4% increase recorded in May.
The pair opened the Asian session at 1.6028, and is trading at 1.6025 at 3.00GMT. The pair is trading 0.11% lower from Friday’s close at 23:00 GMT.
The pair has its first short term resistance at 1.6092, followed by the next resistance at 1.6159. The first support is at 1.5945, with the subsequent support at 1.5865.
Trading trends in the pair today are expected to be determined by data release on housing price balance and BRC retail sales monitor in the UK.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
