GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.05% against the USD and closed at 1.3223.
The Bank of England (BoE) Governor, Mark Carney expressed optimism over the nation’s growth and added that the economic slowdown was temporary. Further, he boosted hopes for a rate hike in the next month, justifying that softness of UK activity in the first quarter was largely due to bad weather conditions and not the economic climate.
In the Asian session, at GMT0300, the pair is trading at 1.3213, with the GBP trading 0.08% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.3186, and a fall through could take it to the next support level of 1.3160. The pair is expected to find its first resistance at 1.3257, and a rise through could take it to the next resistance level of 1.3302.
Moving ahead, investors will closely monitor UK’s Halifax house price for June, set to be released in a while.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
