GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.11% against the USD and closed at 1.5664, as investors’ awaited minutes from the Federal Reserve’s latest meeting on monetary policy, hoping that clues may be offered as to when its quantitative easing program will start to draw to an end.
In the Asian session, at GMT0300, the pair is trading at 1.5662, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.5628, and a fall through could take it to the next support level of 1.5593. The pair is expected to find its first resistance at 1.5697, and a rise through could take it to the next resistance level of 1.5731.
Investors await the release of an official report on the public sector net borrowing in the UK and Confederation of British Industry report on the nation’s industry trend survey, slated today. Separately, later today, the Bank of England would release a report on the number of mortgage approvals it approved during the week ended 16 August 2013.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
