GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.47% against the USD and closed at 1.6158, after the Bank of England (BoE) Governor, Mark Carney, stated that the policy makers would not consider raising the interest rates until economic recovery is assured.
In economic news, a report revealed that Markit service PMI in the nation edged down to a reading of 60.3 in September, less than analysts’ call for a drop to 60.0 and compared to a figure of 60.5 recorded in the previous month. Another data showed that the Halifax house prices rose 0.3% (MoM) in September, defying market expectation for a 0.5% rise and from previous month’s rise of 0.4%.
In the Asian session, at GMT0300, the pair is trading at 1.6169, with the GBP trading 0.07% higher from yesterday’s close.
The pair is expected to find support at 1.6134, and a fall through could take it to the next support level of 1.6098. The pair is expected to find its first resistance at 1.6224, and a rise through could take it to the next resistance level of 1.6278.
Amid lack of economic releases in the later course of the day, traders are eyeing global economic news for further direction in the pair.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
