GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.16% against the USD and closed at 1.6741, despite Bank of England’s (BoE) decision to keep its interest rate unchanged at a record low level of 0.5% and maintain the size of its asset-purchase facility at £375.0 billion. Adding to the positive sentiment was a report from the HBOS, which showed that the Halifax UK house prices rose at the fastest pace in five years in February.
In the Asian session, at GMT0400, the pair is trading at 1.6737, with the GBP trading tad lower from yesterday’s close.
The pair is expected to find support at 1.6688, and a fall through could take it to the next support level of 1.6640. The pair is expected to find its first resistance at 1.6782, and a rise through could take it to the next resistance level of 1.6828.
Market participants keenly await the BoE’s report on the UK consumer inflation expectation, due later today.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
