GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.06% against the USD and closed at 1.5681.
Yesterday, the Bank of England policymaker, Adam Posen, stated that the central bank should go beyond buying government bonds and consider purchasing private assets to fight the recession.
In the Asian session, at GMT0300, the pair is trading at 1.5689, with the GBP trading 0.05% higher from yesterday’s close.
This morning, in the UK, RICS housing price balance fell to -24 for the three months to July, the lowest reading since the -27 recorded in June 2011, and compared with a reading of -22 in June.
The pair is expected to find support at 1.5658, and a fall through could take it to the next support level of 1.5628. The pair is expected to find its first resistance at 1.5718, and a rise through could take it to the next resistance level of 1.5748.
In the UK economic releases ahead in the day, consumer price index is expected to rise 2.3% (YoY) in July. Investors also await DCLG house prices and retail price index data in the UK later today.
The currency pair is trading just above its 20 Hr moving average and well above its 50 Hr moving average.
