GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell marginally against the USD and closed at 1.5637, amid growth concerns and expectations of further monetary easing.
A leading think-tank, Reform, has warned that UK would require a decade of austerity to fix its economic problems. The organisation further added that “slow growth is inevitable given the levels of debt in the economy”.
In economic news, the public sector net borrowing in the UK declined to £3.40 billion in October, compared to £11.38 billion in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.5615, with the GBP trading 0.14% lower from yesterday’s close.
The pair is expected to find support at 1.5567, and a fall through could take it to the next support level of 1.5520. The pair is expected to find its first resistance at 1.5677, and a rise through could take it to the next resistance level of 1.5740.
Investors are eying Bank of England (BoE) minutes along with other economic releases in the UK to be released later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
