GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.53% against the USD and closed at 1.6186, as encouraging comments by European Central Bank (ECB) President, Mario Draghi boosted market sentiment while the Pound remained supported after the Bank of England announced no changes to current monetary policy at the conclusion of its policy setting meeting.
The Monetary Policy Committee of the Bank of England (BoE) headed by Governor Mervyn King left rates on hold at a record low 0.5% and left the size of its bond purchasing program unchanged at £375 billion, in line with market expectations.
According to the Lloyds Banking Group’s Halifax division, house prices in the UK retreated 0.4% (MoM) in September, following a 0.4% drop in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.6190, with the GBP trading 0.03% higher from yesterday’s close.
The pair is expected to find support at 1.6123, and a fall through could take it to the next support level of 1.6056. The pair is expected to find its first resistance at 1.6230, and a rise through could take it to the next resistance level of 1.6270.
The currency pair is trading above its 20 Hr and its 50 Hr moving averages.
