GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.09% against the USD and closed at 1.6400. The US Dollar gained ground against the UK Pound after the President of San Francisco Fed, John Williams, opined that the Fed should eventually eliminate its stimulus program over this year.
In the Asian session, at GMT0400, the pair is trading at 1.6408, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.6375, and a fall through could take it to the next support level of 1.6341. The pair is expected to find its first resistance at 1.6441, and a rise through could take it to the next resistance level of 1.6473.
Market participants are expected to keep a close watch on Bank of England’s (BoE) credit condition survey for the fourth quarter, expected to be released later today, for further cues in the sterling.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
