GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.11% against the USD and closed at 1.5423, extending its previous session losses.
In the Asian session, at GMT0300, the pair is trading at 1.5426, with the GBP trading slightly higher from yesterday’s close.
The pair is expected to find support at 1.5375, and a fall through could take it to the next support level of 1.5324. The pair is expected to find its first resistance at 1.5475, and a rise through could take it to the next resistance level of 1.5524.
Going forward, UK’s crucial consumer price inflation data, scheduled in a few hours would grab lot of market attention, as it will have a bearing on the BoE’s interest rate decision making process.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
