GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose marginally against the USD and closed at 1.5980, after the Bank of England (BoE) kept its benchmark rate on hold at 0.5% and fended off calls to increase its asset-purchase program to boost the economy.
The pair opened the Asian session at 1.598, and is trading at 1.5979 at 3.00GMT. GBP is trading flat versus USD from yesterday’s close at 23:00 GMT.
The pair has its first short term resistance at 1.6071, followed by the next resistance at 1.6164. The first support is at 1.5898, with the subsequent support at 1.5818.
The pair is expected to trade on the cues from the release of Producer Price Index (PPI) in the UK.
The currency pair is showing convergence with its 20 Hr and its 50 Hr moving averages.
