GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.13% against the USD and closed at 1.5976, as investors cheered the Bank of England’s (BoE) decision to keep it interest rate unchanged at 0.5% and maintain the size of its asset purchase programme at £375 billion.
In the Asian session, at GMT0300, the pair is trading at 1.5982, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.5934, and a fall through could take it to the next support level of 1.5887. The pair is expected to find its first resistance at 1.6008, and a rise through could take it to the next resistance level of 1.6035.
Traders are expected to keep an eye on the release of UK’s CB leading economic index, later during the day, to get further guidance in the pair.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
