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GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.49% against the USD and closed at 1.5697, as investors continued to assess the implications of a softened economic outlook and amid dovish comments from incoming Bank of England Governor, Mark Carney over the weekend.
In the US economic news, the National Association of Realtors (NAR) reported that pending home sales fell 4.3% (MoM) to a reading of 101.7 in December, compared to a downwardly revised 1.6% growth recorded in the previous month. Market had expected the index to rise 0.3% in December. Meanwhile, durable goods orders rose 4.6% in December, following a downwardly revised 0.7% increase recorded in November. Also, the Federal Reserve Bank of Dallas reported that, the manufacturing index rose to a reading of 5.5 in January, compared to a downwardly revised reading of 2.5 recorded in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.5704, with the GBP trading marginally higher from yesterday?s close.
The pair is expected to find support at 1.5662, and a fall through could take it to the next support level of 1.5620. The pair is expected to find its first resistance at 1.5758, and a rise through could take it to the next resistance level of 1.5812.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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