GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.12% against the USD and closed at 1.6134, continuing with its previous session gains.
Yesterday, the BoE’s Deputy Governor, Jon Cunliffe stated that despite the UK economic recovery remaining strong, there were signs of a slowdown in the nation’s growth and also the world economy to deteriorate further. Additionally, he urged the central bank to remain cautious about monetary policy easing, because of the muted pay growth as well as low inflation in Britain.
In the Asian session, at GMT0400, the pair is trading at 1.6137, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.6089, and a fall through could take it to the next support level of 1.604. The pair is expected to find its first resistance at 1.6185, and a rise through could take it to the next resistance level of 1.6232.
Trading trends in the Pound today are expected to be determined by the UK mortgage approvals data, scheduled in a few hours.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
