GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.23% against the USD and closed at 1.5130.
The Bank of England Deputy Governor, Paul Tucker stated that he is open to support more quantitative easing depending on the outlook for demand and inflation. Similar views were echoed by another BoE member Paul Fisher, indicating that he favoured more prolonged period of asset purchases at a slower pace in a program that would be guided by the economic outlook.
In economic news, the Confederation of British Industry (CBI) reported that retail sales balance in the UK fell sharply to 8.0 in February, the lowest reading since September 2012, from a reading of 17.0 recorded in January.
In the Asian session, at GMT0400, the pair is trading at 1.5111, with the GBP trading 0.13% lower from yesterday’s close.
The pair is expected to find support at 1.5068, and a fall through could take it to the next support level of 1.5025. The pair is expected to find its first resistance at 1.5187, and a rise through could take it to the next resistance level of 1.5263.
UK’s gross domestic product data, due later today, is keenly eyed by investors, who speculate a drop in the Q4 FY2012.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
