GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.49% against the USD and closed at 1.6377, after the Bank of England (BoE), policy-maker, Martin Weale warned that inflation in the UK has witnessed a sharp decline. He however expressed concern about rising inflation expectations in the nation. Furthermore, he cast doubt on the effectiveness of the central bank’s forward guidance policy.
In the Asian session, at GMT0400, the pair is trading at 1.6362, with the GBP trading 0.09% lower from yesterday’s close.
The pair is expected to find support at 1.6318, and a fall through could take it to the next support level of 1.6275. The pair is expected to find its first resistance at 1.6426, and a rise through could take it to the next resistance level of 1.6491.
With no major economic releases scheduled for today, investors would track for global cues to determine trading trends in the pair.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
