GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.67% against the USD and closed at 1.5160, following a lower-than-expected 2.4% drop in the UK inflation rate in April, against the expected 2.6% decline.
In the Asian session, at GMT0300, the pair is trading at 1.5150, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.5087, and a fall through could take it to the next support level of 1.5023. The pair is expected to find its first resistance at 1.5239, and a rise through could take it to the next resistance level of 1.5327.
Investors eye the Bank of England minutes from their last meeting due for release today, whereby further mentions of more quantitative easing is likely to weaken the Pound further.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
