GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.07% against the USD and closed at 1.6006.
In the US, the Federal Reserve’s Beige Book revealed that the housing market has shown “widespread improvement”, but economic activity has improved only modestly in recent months.
Yesterday, the Minneapolis Federal Reserve Bank President, Narayana Kocherlakota, stated that the US central bank should not automatically raise interest rates from the current record low near zero when the outlook for inflation rises above 2.25%.
In the Asian session, at GMT0300, the pair is trading at 1.6021, with the GBP trading 0.09% higher from yesterday’s close.
The pair is expected to find support at 1.5990, and a fall through could take it to the next support level of 1.5960. The pair is expected to find its first resistance at 1.6043, and a rise through could take it to the next resistance level of 1.6065.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
