GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.1% against the USD and closed at 1.2807.
In the Asian session, at GMT0300, the pair is trading at 1.2829, with the GBP trading 0.17% higher against the USD from yesterday’s close.
Overnight data revealed that UK’s GfK consumer confidence index unexpectedly improved to a level of -5.0 in May, notching its highest level in four months and confounding market expectations for a drop to a level of -8.0. In the previous month, the index had registered a reading of -7.0.
The pair is expected to find support at 1.2785, and a fall through could take it to the next support level of 1.274. The pair is expected to find its first resistance at 1.2881, and a rise through could take it to the next resistance level of 1.2932.
Ahead in the day, traders would keep a close watch on UK’s net consumer credit and mortgage approvals data, both for April.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
