GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.10% against the USD and closed at 1.6226.
Yesterday, the minutes of the Bank of England’s (BoE) latest monetary policy meeting revealed that the policymakers unanimously voted in favour of leaving the benchmark interest rate and asset purchase target unchanged at current levels. Additionally, the minutes revealed that some Monetary Policy Committee (MPC) members saw stimulus “more likely than not” to be needed in the near-term, while only one MPC member saw good case for more quantitative easing, despite the unanimous vote.
In the Asian session, at GMT0300, the pair is trading at 1.6219, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.6179, and a fall through could take it to the next support level of 1.6139. The pair is expected to find its first resistance at 1.6265, and a rise through could take it to the next resistance level of 1.6311.
In the day ahead, on an annual basis, retail sale in the UK is expected to rise in August.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
