GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.06% against the USD and closed at 1.6814, as traders mulled the BoE Governor, Mark Carney’s comments, made during the weekend, that the booming housing sector in the UK economy poses the biggest threat to the nation’s economic recovery.
In the Asian session, at GMT0300, the pair is trading at 1.6818, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.6800, and a fall through could take it to the next support level of 1.6782. The pair is expected to find its first resistance at 1.6841, and a rise through could take it to the next resistance level of 1.6864.
Traders keenly await UK’s consumer, producer and retail price index data, for further cues in the British Pound.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
