GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.37% against the USD and closed at 1.2900.
In the Asian session, at GMT0300, the pair is trading at 1.2907, with the GBP trading a tad higher against the USD from yesterday’s close.
Overnight data indicated that UK’s GfK consumer confidence fell to a four month low level of -7.0 in April, meeting market expectations and compared to a reading of -6.0 in the prior month. Moreover, the nation’s Lloyds business barometer climbed to a level of 47.0 in April. In the previous month, the index had registered a level of 35.0.
The pair is expected to find support at 1.2867, and a fall through could take it to the next support level of 1.2828. The pair is expected to find its first resistance at 1.293, and a rise through could take it to the next resistance level of 1.2954.
Looking ahead, traders would focus on UK’s flash GDP for Q1 and Nationwide house prices for April, scheduled to release in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
