GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.19% against the USD and closed at 1.5938, following reports that the Bank of England (BoE) kept its key interest rate at a record low of 0.5%. It also maintained its emergency stimulus program at £275 billion, amid heightening European debt contagion.
In the Asian session, at GMT0400, the pair is trading at 1.5931, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.5872, and a fall through could take it to the next support level of 1.5812. The pair is expected to find its first resistance at 1.5988, and a rise through could take it to the next resistance level of 1.6044.
Trading trends in the pair today are expected to be determined by release of Producer Price Index (PPI) in the UK.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
