GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.09% against the USD and closed at 1.6134.
UK Prime Minister, David Cameron insisted that the nation must adhere to its tough austerity measures in order to sail through the recessionary winds.
In the Asian session, at GMT0300, the pair is trading at 1.6125, with the GBP trading 0.06% lower from yesterday’s close.
The pair is expected to find support at 1.6075, and a fall through could take it to the next support level of 1.6026. The pair is expected to find its first resistance at 1.6165, and a rise through could take it to the next resistance level of 1.6206.
With a series of UK economic releases today, including industrial production and GDP estimate, trading in the pair is expected to be influenced by the resulting cues from these releases. Meanwhile, later today, the Bank of England (BoE) policymakers are expected to leave the size of the quantitative easing unchanged at £325 billion, after injecting £50 billion in February. The interest rate would be kept unchanged at a historic low of 0.5% since March 2009.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
