GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.49% against the USD and closed at 1.3179 after the Bank of England policymaker, Gertjan Vlieghe commented that one or two rate hikes per year would be needed provided productivity growth and wages improve.
In the Asian session, at GMT0300, the pair is trading at 1.3181, with the GBP trading a tad higher against the USD from yesterday’s close.
The pair is expected to find support at 1.3119, and a fall through could take it to the next support level of 1.3058. The pair is expected to find its first resistance at 1.3218, and a rise through could take it to the next resistance level of 1.3256.
Trading trend in the Sterling today is expected to be determined by the BBA mortgage approvals for August, due to be released in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
