GBPUSD Movement
On Friday, GBP rose 0.34% against the USD and closed at 1.6108, after the Bank of England (BoE) policymaker, Martin Weale, stated that the central bank might consider raising its record-low 0.5% interest rate once unemployment rate in the nation falls below 7%, from the current level of 7.6%. He added that “the economy is growing nicely but not at a stonking pace” and reiterated the BoE Deputy Governor, Charlie Bean’s stance that the central bank could lower its unemployment rate threshold if domestic inflation pressures appeared muted.
In the Asian session, at GMT0400, the pair is trading at 1.6127, with the GBP trading 0.12% higher from Friday’s close. Earlier today, the Rightmove house price index in the UK declined 2.4% (MoM) in November, following a 2.8% rise recorded in the preceding month.
The pair is expected to find support at 1.6072, and a fall through could take it to the next support level of 1.6016. The pair is expected to find its first resistance at 1.6159, and a rise through could take it to the next resistance level of 1.6190.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
