GBPUSD Movement
On Friday, the GBP declined 0.22% against the USD and closed at 1.5195.
In the Asian session, at GMT0300, the pair is trading at 1.5204, with the GBP trading 0.06% higher from Friday’s close.
Over the weekend, leading think tanker, CEBR, predicted that the UK central bank will maintain interest rates at a record low of 0.5% until the middle of 2016, amid global economic slowdown and turmoil in final markets. It further downgraded the nation’s GDP expansion and estimated it to grow 2.0% in 2016 from 2.5% projected earlier and added that inflation will remain below 2.0% until 2017.
The pair is expected to find support at 1.5139, and a fall through could take it to the next support level of 1.5073. The pair is expected to find its first resistance at 1.5266, and a rise through could take it to the next resistance level of 1.5328.
With no economic releases in the UK today, investor sentiment would be governed by global macroeconomic news.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
