GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.25% against the USD and closed at 1.5306.
Yesterday, the Confederation of British Industry (CBI) reported that the UK economy would expand 0.3% in this quarter, rising to 0.4% for the next two quarters and between 0.5% and 0.6% for each quarter of 2014, citing that the global uncertainty has receded somewhat, setting the stage for a gradual improvement in trading conditions.
Late yesterday, economic data indicated that house price balance in the UK rose 1% in April, first time since 2010, and compared to a 1% drop recorded in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.5313, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.5265, and a fall through could take it to the next support level of 1.5216. The pair is expected to find its first resistance at 1.5374, and a rise through could take it to the next resistance level of 1.5434.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
