GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP ended the day almost flat against the USD and closed at 1.6114, as traders refrained from taking riskier bets amid lack of major economic releases from the UK.
Meanwhile, the US Dollar capped its last week’s losses after two of the top Fed officials expressed optimism on the US economic recovery, suggesting that the central bank should start tapering the size of its $85 billion monthly bond-purchase programme in the near future.
In the Asian session, at GMT0400, the pair is trading at 1.6104, with the GBP trading 0.06% lower from yesterday’s close.
The pair is expected to find support at 1.6073, and a fall through could take it to the next support level of 1.6042. The pair is expected to find its first resistance at 1.6143, and a rise through could take it to the next resistance level of 1.6182.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
