GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell marginally against the USD and closed at 1.4898.
In the Asian session, at GMT0400, the pair is trading at 1.4914, with the GBP trading 0.11% higher from Friday’s close.
Over the weekend, BoE’s policymaker, Martin Weale, indicated that the need for a tighter monetary policy in the UK is “slightly less immediate” due to slow wage growth and falling oil prices.
The pair is expected to find support at 1.4882, and a fall through could take it to the next support level of 1.485. The pair is expected to find its first resistance at 1.4949, and a rise through could take it to the next resistance level of 1.4983.
Going ahead, investors will look forward to Britain’s Gfk consumer confidence index data for December, scheduled to be released in the early hours tomorrow.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
