GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell marginally against the USD and closed at 1.5649.
Yesterday, minutes of Bank of England (BoE) from policy meeting of July 4-5 revealed that the BoE Governor, Mervyn King, and six other members voted to increase the asset purchase target to a total of £375 billion.
On the UK economic front, the ILO unemployment rate fell to 8.1% in the three months from March-May, compared to a rate of 8.2% in the three months through February. Separately, the claimant count rate stood at 4.9% in June, unchanged from the May.
In the Asian session, at GMT0300, the pair is trading at 1.5665, with the GBP trading 0.1% higher from yesterday’s close.
The pair is expected to find support at 1.5610, and a fall through could take it to the next support level of 1.5554. The pair is expected to find its first resistance at 1.5693, and a rise through could take it to the next resistance level of 1.5720.
Trading trends in the pair today are expected to be determined by the retail sales data in the UK.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
