GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.14% against the USD and closed at 1.6932.
Yesterday, the BoE, at its May policy meeting, voted to keep interest rates at a historical low level of 0.5% and its bond-buying programme unchanged at £375.0 billion, broadly in-line with market expectations. Separately, the Halifax reported that house prices in the UK economy fell for a second month in April by 0.2%, following a 1.2% (MoM) drop in March.
In the Asian session, at GMT0300, the pair is trading at 1.6919, with the GBP trading 0.08% lower from yesterday’s close.
The pair is expected to find support at 1.6898, and a fall through could take it to the next support level of 1.6877. The pair is expected to find its first resistance at 1.6958, and a rise through could take it to the next resistance level of 1.6997.
Traders keenly await UK’s trade balance, industrial production, manufacturing production and the NIESR GDP estimate data, slated for release later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
