GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.13% against the USD and closed at 1.5570, amid talks of monetary easing by BoE policymakers.
Yesterday, the Bank of England (BoE) policymaker, David Miles, stated that a substantial amount of quantitative easing (QE) was needed to kickstart the “stalled” Britain’s economy. Separately another policymaker, Martin Weale, stated that the central bank had scope for more monetary stimulus without creating inflation risks.
In the Asian session, at GMT0300, the pair is trading at 1.5581, with the GBP trading 0.07% higher from yesterday’s close.
The pair is expected to find support at 1.5550, and a fall through could take it to the next support level of 1.5518. The pair is expected to find its first resistance at 1.5602, and a rise through could take it to the next resistance level of 1.5622.
Trading trends in the pair today are expected to be determined by the release of public finances data in the UK.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
