GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.53% against the USD and closed at 1.5209, after the after the Bank of England’s (BoE) July policy meeting minutes showed that all policymakers including new Governor, Mark Carney, voted to maintain the bank’s quantitative easing program unchanged. The BoE monetary policy committee voted 9-0 to maintain asset purchase programme at £375 billion. The MPC also unanimously decided to retain the bank rate at 0.50%.
On the economic front, data revealed that number of people claiming jobless benefits in the UK declined more than expected for June. Meanwhile, the ILO unemployment rate remained unchanged at 7.8% for the period from March to May 2013.
In the Asian session, at GMT0300, the pair is trading at 1.5179, with the GBP trading 0.20% lower from yesterday’s close.
The pair is expected to find support at 1.5082, and a fall through could take it to the next support level of 1.4986. The pair is expected to find its first resistance at 1.5272, and a rise through could take it to the next resistance level of 1.5366.
Trading trends in the pair today are expected to be determined by release of retail sales data in the UK.
The currency pair is trading between its 20 Hr and its 50 Hr moving averages.
