GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 1.58% against the USD and closed at 1.5040, after the Bank of England (BoE) maintained its asset purchase levels at £375 billion and the benchmark interest rate at 0.5% and indicated that it does not intend to raise interest rates in the near future.
In economic news, UK’s Halifax house price index eased to 0.6% (MoM) in June, while, the Lloyds employment confidence rose to a reading of -33.0 in June.
In the Asian session, at GMT0300, the pair is trading at 1.5043, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.4955, and a fall through could take it to the next support level of 1.4868. The pair is expected to find its first resistance at 1.5202, and a rise through could take it to the next resistance level of 1.5362.
Later today, investors await the US nonfarm payrolls report for further clues on when the Federal Reserve may decide to unwind its $85 billion-a-month stimulus program.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
