GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.28% against the USD and closed at 1.6332. In its policy meeting, the Bank of England (BoE) left its monetary policy unchanged. The BoE’s interest rate decision came after the UK Chancellor, George Oborne, in his Autumn Statement indicated that while the nation’s growth outlook had improved, however more measures were needed to be introduced to secure the long term prospects for the economy. Additionally, the Chancellor revised his growth forecast for 2013 to 1.4% from 0.6%. Growth for 2014 is pegged at 2.4%.
In the Asian session, at GMT0400, the pair is trading at 1.6331, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.6285, and a fall through could take it to the next support level of 1.6238. The pair is expected to find its first resistance at 1.6392, and a rise through could take it to the next resistance level of 1.6452.
Later today, the Bank of England would release the inflation expectations of consumers for the next twelve months.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
