GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.12% against the USD and closed at 1.6832.
The Bank of England (BoE) left its benchmark interest rate unchanged at a record-low level of 0.5%, the level it has maintained for the past 5 years. Additionally, the BoE also maintained its economic stimulus programme at £375 billion. At the two-day meeting, this decision was taken by the nine-member Monetary Policy Committee. Meanwhile, BoE governor, Mark Carney, previously said that the bank needs to start hiking the interest rates in the coming months as the UK economy is gaining strength. Investor speculations have emerged that the rate increase will come either late this year or early in 2015.
In the Asian session, at GMT0300, the pair is trading at 1.6810, with the GBP trading 0.13% lower from yesterday’s close.
The pair is expected to find support at 1.6786, and a fall through could take it to the next support level of 1.6763. The pair is expected to find its first resistance at 1.6849, and a rise through could take it to the next resistance level of 1.6889.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
