GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell marginally against the USD and closed at 1.6618, as traders searched for short-term direction in the pair amid lack of economic news from the UK.
Yesterday, BoE Deputy Governor, Charlie Bean stated that the central bank is in no hurry to raise interest rates in the near future and the decision would entirely depend on how the economy unfolds.
In the Asian session, at GMT0400, the pair is trading at 1.6666, with the GBP trading 0.29% higher from yesterday’s close.
Early morning, the Royal Institution of Chartered Surveyors (RICS) reported that house price in the UK rose at the slowest pace in six months in February, amid soft demand from potential buyers.
The pair is expected to find support at 1.6598, and a fall through could take it to the next support level of 1.6531. The pair is expected to find its first resistance at 1.6703, and a rise through could take it to the next resistance level of 1.6741.
Amid lack of economic releases from the UK, traders would await Britain’s trade balance data, slated for release tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
