GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 1.24% against the USD and closed at 1.6228.
The Monetary Policy Committee of the Bank of England (BoE) retained its key interest rate at 0.5%, in-line with market estimates. Additionally, the central bank maintained the size of the quantitative easing at £200.0 billion.
The pair opened the Asian session at 1.6228, and is trading at 1.6268 at 3.00GMT. The pair is trading 0.25% higher from yesterday’s close at 23:00 GMT.
The pair has its first short term resistance at 1.6378, followed by the next resistance at 1.6488. The first support is at 1.6191, with the subsequent support at 1.6114.
With a series of UK economic releases today, including Producer Price Index and Halifax house prices, trading in the pair is expected to be influenced by the resulting cues from these releases.
The currency pair is trading below its 20 Hr moving average and its 50 Hr moving average.
