GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.15% against the USD and closed at 1.3055.
On the data front, UK’s seasonally adjusted Nationwide house price index rose 0.4% on a monthly basis in April, surpassing market expectations for a gain of 0.1%. In the prior month, house prices had advanced 0.2%. Moreover, Britain’s net consumer credit advanced at its weakest pace since November 2013 by £0.5 billion in March, undershooting market consensus for a climb of £1.0 billion. In the prior month, net consumer credit had registered a revised rise of £1.2 billion.
On the other hand, UK’s Markit manufacturing PMI slid to a level of 53.1 in April, meeting market expectations and marking its lowest level in two months. The PMI had recorded a level of 55.1 in the previous month. Also, the nation’s mortgage approvals for house purchases dropped to a level of 62.3K in March, compared to a revised level of 65.3K in the previous month. Market participants had envisaged the mortgage approvals for house purchases to fall to a level of 64.5K.
In the Asian session, at GMT0300, the pair is trading at 1.3053, with the GBP trading marginally lower against the USD from yesterday’s close.
The pair is expected to find support at 1.3024, and a fall through could take it to the next support level of 1.2995. The pair is expected to find its first resistance at 1.3092, and a rise through could take it to the next resistance level of 1.3131.
Going forward, investors would closely monitor the Bank of England’s May interest rate decision, scheduled to release in a few hours.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
