GBP/USD: Pound trading on a stronger footing, ahead of BoE’s interest rate decision


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP slightly rose against the USD and closed at 1.3548.

In the Asian session, at GMT0300, the pair is trading at 1.3560, with the GBP trading 0.09% higher against the USD from yesterday’s close.

Overnight data indicated that UK’s RICS house price balance fell more-than-expected to a level of 8.0 in April, compared to market expectations for a fall to a level of 1.0. In the prior month, house price balance had recorded a flat reading.

The pair is expected to find support at 1.3504, and a fall through could take it to the next support level of 1.3447. The pair is expected to find its first resistance at 1.3612, and a rise through could take it to the next resistance level of 1.3663.

Trading trend in the Pound today is expected to be determined by the release of the Bank of England’s (BoE) monetary policy decision, due later in the day. Additionally, the release of UK’s industrial as well as manufacturing production data coupled with trade balance numbers, all for March, will attract significant amount of investor attention.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

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