GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.20% against the USD and closed at 1.5826, after a member of the Bank of England’s regulatory body, Michael Cohrs, stated that UK banks are strong enough to withstand a Greek exit from the Euro-zone, citing their liquidity is strong and they have enough capital to withstand shocks from Greece.
In the Asian session, at GMT0300, the pair is trading at 1.5816, with the GBP trading 0.07% lower from yesterday’s close.
The pair is expected to find support at 1.5783, and a fall through could take it to the next support level of 1.5751. The pair is expected to find its first resistance at 1.5845, and a rise through could take it to the next resistance level of 1.5874.
Trading trends in the pair today are expected to be determined by the release of consumer price index and public finances and retail price index data in the UK.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
