GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.14% against the USD and closed at 1.6656, after the Bank of England (BoE) Governor, Mark Carney hinted towards a new phase of forward guidance to “ensure sustainable growth in jobs and incomes and in spending” in the UK economy. He further opined that economic recovery in Britain is on track and that the central bank “would not take any risk” with it.
In the Asian session, at GMT0400, the pair is trading at 1.6664, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.6605, and a fall through could take it to the next support level of 1.6545. The pair is expected to find its first resistance at 1.6702, and a rise through could take it to the next resistance level of 1.6739.
Traders are expected to keep a close tab on the UK inflation report hearing and BBA mortgage approval data, for further cues in the UK Pound.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
