GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.44% against the USD and closed at 1.6811, as the BoE held its interest rate at a record-low 0.5% and kept its £375 billion bond-buying programme intact at its June policy meeting. Meanwhile, in a separate report, the HBOS indicated that its Halifax house price index for the UK economy recorded a 3.9% month-on-month jump in May, its biggest one-month rise since October 2002.
In the Asian session, at GMT0300, the pair is trading at 1.6812, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.6747, and a fall through could take it to the next support level of 1.6683. The pair is expected to find its first resistance at 1.6851, and a rise through could take it to the next resistance level of 1.6891.
During the later course of the day, market participants would keep a tab of UK’s trade balance and consumer inflation expectation data.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
