GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.50% against the USD and closed at 1.5629, on persistent concerns regarding the health of the UK economy.
The Monetary Policy Committee of the Bank of England (BoE) left the size of bond purchases unchanged at £275.0 billion and kept the benchmark interest rate at 0.50%.
In the Asian session, at GMT0400, the pair is trading at 1.5607, with the GBP trading 0.14% lower from yesterday’s close.
The pair is expected to find support at 1.5553, and a fall through could take it to the next support level of 1.5498. The pair is expected to find its first resistance at 1.5716, and a rise through could take it to the next resistance level of 1.5824.
Trading trends in the pair today are expected to be determined by release of Producer Price Index (PPI) and trade balance data in the UK.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
