GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.38% against the USD and closed at 1.5616.
Yesterday, the BoE minutes revealed that the central bank’s policymakers voted unanimously to maintain its interest rates at the record low of 0.5% as well as the size of its bond-buying program at £375 billion. The minutes further indicated that a number of policymakers saw rise in inflation risks.
In the Asian session, at GMT0300, the pair is trading at 1.5619, with the GBP trading a tad higher from yesterday’s close.
The pair is expected to find support at 1.5564, and a fall through could take it to the next support level of 1.5508. The pair is expected to find its first resistance at 1.5662, and a rise through could take it to the next resistance level of 1.5704.
Going forward, market participants would closely look at Britain’s retail sales data, scheduled in a few hours, to get better insights in the UK economy.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
