GBPUSD Movement
On Friday, GBP fell 0.82% against the USD and closed at 1.6027, as investors refrained from taking riskier bets amid lack of economic releases from the UK. Negative sentiment was also fuelled on lingering speculation that the Bank of England (BoE) might keep its interest rate at current level of 0.5% for a longer time than estimated to boost improvement in the nation’s labour market.
In the Asian session, at GMT0300, the pair is trading at 1.6033, with the GBP trading marginally higher from Friday’s close.
The pair is expected to find support at 1.5975, and a fall through could take it to the next support level of 1.5918. The pair is expected to find its first resistance at 1.6135, and a rise through could take it to the next resistance level of 1.6238.
Later during the day, BRC retail sales index and RICS housing price balance data is expected to be released in the UK.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
