Pound Trading Marginally Higher This Morning, Following A Long-Weekend
GCI Financial | May 06, 2014 03:18AM ET
For the 24 hours to 23:00 GMT, the GBP fell marginally against the USD and closed at 1.6868, in a subdued trading session on account of Early May Bank holiday in the UK.
In the Asian session, at GMT0300, the pair is trading at 1.6877, with the GBP trading tad higher from yesterday’s close.
The pair is expected to find support at 1.6859, and a fall through could take it to the next support level of 1.6840. The pair is expected to find its first resistance at 1.6890, and a rise through could take it to the next resistance level of 1.6902.
Market participant are expected to keep a close watch on the UK Markit service PMI and Halifax house prices data, slated for release later today.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
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