GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.08% against the USD and closed at 1.3044, following softer inflation figures in the UK.
Data indicated that Britain’s consumer price index (CPI) climbed 2.6% on an annual basis in June, easing for the first time since October 2016 and diminishing the likelihood of an interest rate hike by the Bank of England (BoE) in the upcoming months. The CPI had advanced 2.9% in the previous month, while markets had anticipated for a gain of 2.9%.
In the Asian session, at GMT0300, the pair is trading at 1.3028, with the GBP trading 0.12% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2980, and a fall through could take it to the next support level of 1.2932. The pair is expected to find its first resistance at 1.3101, and a rise through could take it to the next resistance level of 1.3174.
With no major economic releases in the UK today, investor sentiment would be governed by global macroeconomic events.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
