GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.57% against the USD and closed at 1.5224, after the Bank of England refrained from expanding economic stimulus by leaving its monetary policy unchanged.
The Bank of England’s (BoE) Monetary Policy Committee voted to keep its key interest rate unchanged at a record low of 0.5% in line with the market expectations. The BoE also left the size of its asset purchase programme unchanged at £375 billion as widely expected. Moreover, further supporting the Pound, services purchasing managers’ index in the UK rose to a reading of 52.4 in March, from 51.8 in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.5226, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.5091, and a fall through could take it to the next support level of 1.4955. The pair is expected to find its first resistance at 1.5304, and a rise through could take it to the next resistance level of 1.5381.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
