GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.14% against the USD and closed at 1.6136.
The US Dollar gave up ground against its UK counterpart after Chicago Fed President, Charles Evans suggested that the central bank should wait for a couple of more meetings before deciding to taper its $85 billion monthly asset purchase programme. Negative sentiment was also fuelled after the Fed Chairman, Ben Bernanke, late Tuesday, indicated that the central bank would maintain its ultra-easy monetary policy for as long as needed to ensure sustainable improvements in the US labour markets.
In the Asian session, at GMT0400, the pair is trading at 1.6117, with the GBP trading 0.12% lower from yesterday’s close.
The pair is expected to find support at 1.6069, and a fall through could take it to the next support level of 1.6020. The pair is expected to find its first resistance at 1.6156, and a rise through could take it to the next resistance level of 1.6194.
Later today, the Bank of England (BoE) is scheduled to release the minutes of its latest policy meeting, which would give a brief insight into the policymakers’ voting pattern on the benchmark interest rate. Also later today, the BoE Monetary Policy Committee (MPC) Members, Spencer Dale and Martin Weale are expected to deliver a speech on the economic condition in the Britain.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
