GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP dropped 0.45% against the USD and closed at 1.5173.
In the Asian session, at GMT0300, the pair is trading at 1.5163, with the GBP trading marginally lower from yesterday’s close.
Investors are looking ahead at the Bank of England’s (BoE) interest rate decision, with market consensus that the Bank of England Monetary Policy Committee (MPC) will leave policy unchanged. Meanwhile, the market speculation has also risen that the MPC would agree to deploy forward guidance to try and reverse some of the recent tightening in interest rate markets.
The pair is expected to find support at 1.5107, and a fall through could take it to the next support level of 1.5052. The pair is expected to find its first resistance at 1.5237, and a rise through could take it to the next resistance level of 1.5312.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
