GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.12% against the USD and closed at 1.5527 after the Bank of England Governor, Mark Carney, stated that further stimulus measures could be added to boost economic recovery in the nation. The Governor also highlighted policy makers plan to keep the benchmark interest rate at a record-low of 0.5% for at least three years until unemployment, currently at 7.8%, reaches 7%. Meanwhile, in the UK, a report showed that, on a monthly basis, the CBI distributive trades survey advanced to a reading of 27 in August, more than market expectation for a rise to 19 and compared to a level of 17 registered in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.5547, with the GBP trading 0.13% higher from yesterday’s close.
The pair is expected to find support at 1.5466, and a fall through could take it to the next support level of 1.5384. The pair is expected to find its first resistance at 1.5591, and a rise through could take it to the next resistance level of 1.5634.
Investors await the release of UK Gfk consumer confidence data, which markets expect to show that consumer confidence in the nation improved during August.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
