GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP traded a tad lower against the USD and closed at 1.5450.
Yesterday, the BoE Governor, Mark Carney, stated that Britain’s low inflation was temporary and would likely return to its 2% target within two years. Additionally, he shrugged off concerns of “deferred consumption” in the UK by hinting that he saw no evidence of consumers delaying their purchases in anticipations of a further fall in domestic prices.
In the Asian session, at GMT0400, the pair is trading at 1.5475, with the GBP trading 0.16% higher from yesterday’s close.
The pair is expected to find support at 1.5424, and a fall through could take it to the next support level of 1.5373. The pair is expected to find its first resistance at 1.5503, and a rise through could take it to the next resistance level of 1.5532.
Trading trends in the Pound today are expected to be determined by the various speeches to be made by the officials of the BoE, scheduled in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
