GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.59% against the USD and closed at 1.5733.
In the Asian session, at GMT0300, the pair is trading at 1.5745, with the GBP trading 0.08% higher from yesterday’s close.
Early this morning, the BoE’s Monetary Policy Committee (MPC) member, Martin Weale opined that the central bank should start increasing its interest rates as early as August.
The pair is expected to find support at 1.5697, and a fall through could take it to the next support level of 1.5649. The pair is expected to find its first resistance at 1.5804, and a rise through could take it to the next resistance level of 1.5863.
Looking ahead, investors will monitor Britain’ house purchases data, scheduled in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
