GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell marginally against the USD and closed at 1.5976, as market participants looked past President Barack Obama’s re-election and began to brace for tax hikes and government spending cuts in the US at year’s end.
In the Asian session, at GMT0400, the pair is trading at 1.5978, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.5941, and a fall through could take it to the next support level of 1.5904. The pair is expected to find its first resistance at 1.6029, and a rise through could take it to the next resistance level of 1.6080.
Trading trends in the pair today are expected to be determined by the release of the Bank of England (BoE) interest rate decision, asset purchase facility and the monetary policy statement in the UK.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
