GBP/USD: Pound trading higher ahead of BoE’s monetary policy meeting


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.29% against the USD and closed at 1.3249.

Macroeconomic data showed that UK’s manufacturing PMI rose to 56.3 in October due to a surge in new orders, from a revised reading of 56.0 for September. Analysts had forecasted a reading of 55.9. Moreover, the seasonally adjusted house prices recorded a rise of 0.2% in October in the UK, in line with market expectations. In the previous month, house prices had registered a revised rise of 0.4%.

In the Asian session, at GMT0400, the pair is trading at 1.3285, with the GBP trading 0.27% higher from yesterday’s close.

The pair is expected to find support at 1.3244, and a fall through could take it to the next support level of 1.3202. The pair is expected to find its first resistance at 1.3324, and a rise through could take it to the next resistance level of 1.3362.

Later in the day, all eyes would be on Bank of England’s (BoE) interest rate decision, where the central bank is widely expected to raise interest rates for the first time since July 2007.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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