GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.74% against the USD and closed at 1.6122.
The Bank of England’s (BoE) chief economist, Spencer Dale warned that the inflation could remain high for some time to come and also called for a rise in interest rates to avoid the risk of cost pressures becoming entrenched.
In the UK, retail sales, on a monthly basis, declined 0.8% in February, following a revised 1.5% rise recorded in January.
The pair opened the Asian session at 1.6122, and is trading at 1.6113 at 4.00GMT. The pair is trading 0.06% lower from the New York session close.
The pair has its first short term resistance at 1.6208, followed by the next resistance at 1.6304. The first support is at 1.6052, with the subsequent support at 1.5992.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
