GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.25% against the USD and closed at 1.6371, on speculation that the Bank of England would lower its economic growth forecasts.
The pair opened the Asian session at 1.6371, and is trading at 1.6370 at 3.00GMT. The pair is trading flat from the New York session close.
The pair has its first short term resistance at 1.6420, followed by the next resistance at 1.6470. The first support is at 1.6316, with the subsequent support at 1.6262.
The BoE’s Governor King Speech is likely to receive increased market attention, with Bank of England quarterly inflation report due to be released later today
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
