GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.27% against the USD and closed at 1.5592, on growing concerns that the Bank of England (BoE) would cut its forecast for growth in Wednesday’s quarterly inflation report and would introduce monetary stimulus to boost economy.
In the UK, the Halifax house price index declined 0.6% (MoM) in July, against the market expectation of 0.5% fall.
In the Asian session, at GMT0300, the pair is trading at 1.5591, with the GBP trading steady from yesterday’s close.
This morning in the UK, retail same-store sales rose 0.1% (YoY) in July, compared to the market expectation of a 0.2% fall.
The pair is expected to find support at 1.5544, and a fall through could take it to the next support level of 1.5497. The pair is expected to find its first resistance at 1.5641, and a rise through could take it to the next resistance level of 1.5691.
Trading trends in the pair today are expected to be determined by the release of industrial production, manufacturing production and NIESR Gross Domestic Product estimate in the UK.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
