GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP marginally rose against the USD and closed at 1.6426, buoyed by Britain’s house prices, which rose at the fastest pace since November 2007. However, the UK Pound gave up ground against the its US counterpart, after a leading economic forecasting group, in its report, urged the Bank of England (BoE) to maintain its interest-rate at a record-low 0.5%, warning that a hike in the nation’s benchmark interest rate without an improvement in the real-term wages, could risk “choking off the fragile consumer-led recovery.”
In the Asian session, at GMT0400, the pair is trading at 1.6425, with the GBP trading tad lower from yesterday’s close.
The pair is expected to find support at 1.6404, and a fall through could take it to the next support level of 1.6383. The pair is expected to find its first resistance at 1.6450, and a rise through could take it to the next resistance level of 1.6475.
Later today, the Confederation of British Industry (CBI) is scheduled to release a report on its UK industrial trends survey.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
