GBPUSD Movement
On Friday, the GBP fell 0.25% against the USD and closed at 1.5734.
On the macro front, construction output in the UK jumped slightly less-than-expected 3.9% in March on a monthly basis, snapping a 4 months streak of decline and after registering a revised drop of 0.3% in the previous month. Markets were expecting it to advance 4.0%.
In other economic news, Britain’s CB leading economic index rose 0.20% in April. In the previous month, the index had registered a rise of 0.60%.
In the Asian session, at GMT0300, the pair is trading at 1.5717, with the GBP trading 0.11% lower from Friday’s close.
Overnight data showed that Britain’s Rightmove house price index fell 0.1% MoM in May, compared to an increase of 1.6% recorded in the preceding month.
The pair is expected to find support at 1.5676, and a fall through could take it to the next support level of 1.5634. The pair is expected to find its first resistance at 1.5785, and a rise through could take it to the next resistance level of 1.5852.
Looking ahead, Britain’s crucial CPI data, scheduled tomorrow would generate lot of market attention.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
