GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.29% against the USD and closed at 1.6076, as pressure for the UK government to renegotiate the terms of its European Union (EU) membership intensified. The UK opposition leader, Ed Miliband, stated that Prime Minister David Cameron’s strategy on the EU is incredibly dangerous.
In the Asian session, at GMT0400, the pair is trading at 1.6076, with the GBP trading marginally lower from yesterday’s close.
This morning, the Royal Institute of Chartered Surveyors (RICS) reported that on a seasonally adjusted monthly basis, the house price balance in the UK rose to a reading of 0.0 in December, the highest reading since June 2010 and compared to a reading of -9.0 recorded in the previous month.
The pair is expected to find support at 1.6021, and a fall through could take it to the next support level of 1.5965. The pair is expected to find its first resistance at 1.6143, and a rise through could take it to the next resistance level of 1.6210.
Trading trends in the pair today are expected to be determined by the release of UK’s consumer price index, the DCLG house price index, producer price index, retail price index and the BOE inflation letter.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
