GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.28% against the USD and closed at 1.5527.
In economic news, the Bank of England (BoE) kept interest rates at a record-low 0.50% and refrained from altering its stimulus policy by maintaining its asset purchasing programme level at £325 billion.
Separately, services purchasing manager index in the UK remained unchanged at 53.3 in May, surpassing the market expectation of a decline to a reading of 52.5.
In the Asian session, at GMT0300, the pair is trading at 1.5494, with the GBP trading 0.21% lower from yesterday’s close.
The pair is expected to find support at 1.5416, and a fall through could take it to the next support level of 1.5338. The pair is expected to find its first resistance at 1.5587, and a rise through could take it to the next resistance level of 1.5679.
Trading trends in the pair today are expected to be determined by the release of BoE/GfK inflation report and producer price index data in the UK.
The currency pair is trading below its 20 Hr moving average and converging with its 50 Hr moving average.
