GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.21% against the USD and closed at 1.2857, ahead of the Bank of England’s (BoE) interest rate decision on Thursday .
Separately, the IMF forecasted that Britain’s economy would grow by 1.2% in 2019 and 1.4% in 2020.
In the Asian session, at GMT0400, the pair is trading at 1.2843, with the GBP trading 0.11% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2822, and a fall through could take it to the next support level of 1.2800. The pair is expected to find its first resistance at 1.2881, and a rise through could take it to the next resistance level of 1.2918.
Moving ahead, traders would keep an eye on the BoE’s interest rate decision and meeting minutes followed by UK’s Halifax house price index for October, slated in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
