GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.32% against the USD and closed at 1.5677.
Yesterday, the BoE minutes from its most recent monetary policy meeting showed that seven policymakers were in favour of keeping the interest rates in the UK at a record low of 0.5%, while two members, Martin Weale and Ian McCafferty continued to dissent and voted for an interest rate hike. Meanwhile, all the members were unanimous in keeping the asset purchase program unchanged at £375 billion.
In the Asian session, at GMT0400, the pair is trading at 1.5668, with the GBP trading 0.06% lower from yesterday’s close.
The pair is expected to find support at 1.5598, and a fall through could take it to the next support level of 1.5527. The pair is expected to find its first resistance at 1.5731, and a rise through could take it to the next resistance level of 1.5793.
Going forward, investor sentiments would be determined by Britain’s retail sales data, set for release in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
