GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.21% against the USD and closed at 1.5903.
In the UK, net foreign currency reserves increased to $47.03 billion at the end of August, from $46.29 billion in the previous month, marking the third consecutive rise.
In the Asian session, at GMT0300, the pair is trading at 1.5906, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.5843, and a fall through could take it to the next support level of 1.5781. The pair is expected to find its first resistance at 1.5951, and a rise through could take it to the next resistance level of 1.5997.
Trading trends in the pair today are expected to be determined by the Bank of England (BoE) interest rate decision and asset purchase target decision.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
