GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 1.24% against the USD and closed at 1.4763, following dovish statement made by the BoE Chief Economist, Andrew Haldane that chances of a rate cut or hike by the central bank are broadly evenly balanced. He stated that the policymakers may be forced to cut interest rates to zero in the coming months to tackle the looming risk of deflation.
In the Asian session, at GMT0400, the pair is trading at 1.4766, with the GBP trading a tad higher from yesterday’s close.
The pair is expected to find support at 1.4661, and a fall through could take it to the next support level of 1.4555. The pair is expected to find its first resistance at 1.4900, and a rise through could take it to the next resistance level of 1.5033.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
