GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.62% against the USD and closed at 1.6208, after the BoE Governor, Mark Carney, testified at the August Inflation Report Hearings, that the UK is moving towards a rate hike.
Yesterday, the BoE’s Monetary Policy Committee member, David miles, stated that he expects more slack in the UK labour market and further indicated that there is less immediate need for a rise in interest rates.
In the Asian session, at GMT0300, the pair is trading at 1.6196, with the GBP trading 0.07% lower from yesterday’s close.
Earlier today, the RICS house price balance in the UK dropped to 40% in August, against anticipations that the house price balance to fall to 47%.
The pair is expected to find support at 1.6088, and a fall through could take it to the next support level of 1.5981. The pair is expected to find its first resistance at 1.6267, and a rise through could take it to the next resistance level of 1.6339.
Trading trends in the Pound today are expected to be determined by global news.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
