GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.22% against the USD and closed at 1.5547.
The Bank of England Governor, Mervyn King, stated that the case for more stimulus in the UK is growing and bank plans to have a form of credit easing, operating within weeks to boost lending in the economy.
Meanwhile, on the data front, the Conference Board leading economic index in the UK rose 0.2% in April, compared to a 1.1% rise in March.
In the Asian session, at GMT0300, the pair is trading at 1.5549, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.5494, and a fall through could take it to the next support level of 1.5438. The pair is expected to find its first resistance at 1.5585, and a rise through could take it to the next resistance level of 1.5620.
In economic releases, UK visible trade balance is expected to show a deficit of £8.5 billion in April, later today.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
