GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.24% against the USD and closed at 1.5534, after the Bank of England (BoE) Governor, Mark Carney, reiterated commitment to bring down inflation to 2.0%, fuelling speculation that interest rates may rise.
In the Asian session, at GMT0300, the pair is trading at 1.5537, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.5488, and a fall through could take it to the next support level of 1.5440. The pair is expected to find its first resistance at 1.5580, and a rise through could take it to the next resistance level of 1.5624.
UK economic data to be released today includes trade balance for June and Conference Board (CB) leading economic index for July.
The currency pair is showing convergence with its 20 Hr moving average and is trading above 50 Hr moving average.
