GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.10% against the USD and closed at 1.5232, after optimistic remarks by a top official from the BoE.
Yesterday, the BoE’s Deputy Governor, Ben Broadbent, downplayed the central bank’s recent subdued inflation forecasts and asked investors to focus on the broader factors driving economic growth. He further stated that monetary policy committee should adopt a flexible approach in order to achieve its consumer-price growth target.
In the Asian session, at GMT0400, the pair is trading at 1.5285, with the GBP trading 0.35% higher from yesterday’s close.
The pair is expected to find support at 1.5216, and a fall through could take it to the next support level of 1.5147. The pair is expected to find its first resistance at 1.5325, and a rise through could take it to the next resistance level of 1.5364.
Going forward, investors will concentrate on Britain’s retail sales data for October, scheduled to be released in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
