GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.10% against the USD and closed at 1.6082.
In the UK, the Bank of England (BoE) reported that individuals injected £5.83 billion in the first quarter of 2011, compared to a total injection of £7.13 billion recorded in the last quarter of 2010. Additionally, the construction purchasing managers’ index (PMI) declined to 53.6 in June from 54.0 in May.
Investors remain focussed on Thursday’s Bank of England policy meeting that is expected to leave the base rate at a low of 0.5%.
The pair opened the Asian session at 1.6082, and is trading at 1.6049 at 3.00GMT. The pair is trading 0.21% lower from yesterday’s close at 23:00 GMT.
The pair has its first short term resistance at 1.6116, followed by the next resistance at 1.6182. The first support is at 1.6008, with the subsequent support at 1.5966.
Trading trends in the pair today are expected to be determined by release of BRC shop price index in the UK
The currency pair is trading just below its 20 Hr and its 50 Hr moving averages.
