GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP ended flat against the USD and closed at 1.5477.
The Pound tracked losses earlier against the US Dollar, after a member of Monetary Policy Committee, Martin Weale opined that weaker Sterling may have unwelcome effects on inflation, but that it may be necessary to redress UK’s “substantial external imbalance”.
In the Asian session, at GMT0400, the pair is trading at 1.5473, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.5438, and a fall through could take it to the next support level of 1.5402. The pair is expected to find its first resistance at 1.5509, and a rise through could take it to the next resistance level of 1.5544.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
