GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.16% against the USD and closed at 1.5929.
Yesterday, the Bank of England (BoE) holds interest rates at 0.50% for the 42nd consecutive month in September, and left the target of the asset purchase program unchanged at £375 billion.
On the economic front, the Lloyds Banking Group’s Halifax division reported that house prices index in the UK fell 0.4% (MoM) in August, compared to a 0.7% drop in July. Market had expected a 0.3% rise.
In the Asian session, at GMT0300, the pair is trading at 1.5929, with the GBP trading flat from yesterday’s close.
The pair is expected to find support at 1.5893, and a fall through could take it to the next support level of 1.5857. The pair is expected to find its first resistance at 1.5954, and a rise through could take it to the next resistance level of 1.5979.
Trading trends in the pair today are expected to be determined by the release of industrial production, manufacturing production and producer price index data in the UK.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
