GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.10% against the USD and closed at 1.5566.
The Bank of England (BoE) policy maker, Adam Posen, has stated that the central bank would increase its bond-purchase target next month if new forecasts for growth and inflation justify the expansion of stimulus again.
In the Asian session, at GMT0400, the pair is trading at 1.5542, with the GBP trading 0.15% lower from yesterday’s close.
The pair is expected to find support at 1.5505, and a fall through could take it to the next support level of 1.5468. The pair is expected to find its first resistance at 1.5591, and a rise through could take it to the next resistance level of 1.5640.
The pair is expected to trade on the cues from the release public finances and public sector net borrowing in the UK, later today.
The currency pair is trading between its 20 Hr and its 50 Hr moving averages.
