GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.63% against the USD and closed at 1.6224, after the UK Chancellor of the Exchequer, George Osborne rejected opposition demands to review spending cuts and stated that he has a firm commitment to the UK deficit reduction plan.
However, gains were limited as the Bank of England President, Mervyn King stated that the UK economic weakness would continue for a long period of time.
In the UK, the Conference Board indicated that its leading economic index came in unchanged at 104.1 in June, compared to a 0.6% monthly rise in May.
The pair opened the Asian session at 1.6224, and is trading at 1.6213 at 3.00GMT. The pair is trading 0.07% lower from yesterday’s close at 23:00 GMT.
The pair has its first short term resistance at 1.6268, followed by the next resistance at 1.6322. The first support is at 1.6136, with the subsequent support at 1.6058.
The currency pair is showing convergence with its 20 Hr and its 50 Hr moving averages.
