GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.68% against the USD and closed at 1.5884.
Earlier yesterday, the Bank of England policymaker, Adam Posen stated that the UK economy was stagnating and warned that if the situation in the Euro-zone deteriorated it would overwhelm the UK economy in ways that the central bank would not be able to counteract.
In the Asian session, at GMT0300, the pair is trading at 1.5899, with the GBP trading 0.09% higher from yesterday’s close.
The pair is expected to find support at 1.5809, and a fall through could take it to the next support level of 1.5720. The pair is expected to find its first resistance at 1.5948, and a rise through could take it to the next resistance level of 1.5998.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
