GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.24% against the USD and closed at 1.6209. However, the gains were capped after the Bank of England (BoE) Chief, Mark Carney, appearing before the Commons Treasury Committee, citied concerns on the amount of “slack” in the UK labour market and hinted that officials would not rush to raise interest rates even as the Britain economy was showing signs of improvement.
In the Asian session, at GMT0400, the pair is trading at 1.6220, with the GBP trading 0.07% higher from yesterday’s close.
The pair is expected to find support at 1.6161, and a fall through could take it to the next support level of 1.6103. The pair is expected to find its first resistance at 1.6255, and a rise through could take it to the next resistance level of 1.6291.
Later today, the National Statistics is scheduled to release UK’s gross domestic product (GDP) data, which is widely expected to expand in the third quarter, following a 1.3% (YoY) increase witnessed in the preceding quarter.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
