GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.07% against the USD and closed at 1.5712, after minutes of the Bank of England (BoE) June meeting showed that the four policymakers including BoE governor, Mervyn King, voted to increase asset purchase programme, hinting that the policymakers are on the verge of another round of monetary easing.
Meanwhile, on the economic front, the ILO unemployment rate in the UK remained unchanged at 8.2% for three months ending April, in line with expectations. Separately, on a seasonally adjusted basis, the claimant count in the nation rose 8,100 in May, compared to a decline of 3,000 expected by markets.
In the Asian session, at GMT0300, the pair is trading at 1.5686, with the GBP trading 0.17% lower from yesterday’s close.
The pair is expected to find support at 1.5632, and a fall through could take it to the next support level of 1.5579. The pair is expected to find its first resistance at 1.5758, and a rise through could take it to the next resistance level of 1.5831.
Trading trends in the pair today are expected to be determined by the release of retail sales data in the UK.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
