GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.57% against the USD and closed at 1.6379.
Bank of England policy maker, David Miles has stated that the UK economy is on a fragile recovery path and a second bout of quantitative easing is not currently necessary.
The pair opened the Asian session at 1.6379, and is trading at 1.6368 at 3.00GMT. The pair is trading marginally lower from yesterday’s close at 23:00 GMT.
The pair has its first short term resistance at 1.6435, followed by the next resistance at 1.6502. The first support is at 1.6276, with the subsequent support at 1.6184.
With a series of UK economic releases today, including Consumer Price Index (CPI) and Retail Price Index, trading in the pair is expected to be influenced by the resulting cues from these releases.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
