GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.15% against the USD and closed at 1.6691, as the greenback declined, hurt by a dismal weekly jobless claims data and Fed Chief, Janet Yellen’s comments before the US Senate Banking Committee.
In the UK, the Bank of England (BoE) Chief economist, Spencer Dale applauded the rebound in Britain’s property-market by stating that “a healthy housing market is good for the UK economy”, and as of now there exists no risk of overheating.
Meanwhile, the BoE Monetary Policy Committee (MPC) member, David Miles opined that interest rate in the nation would not rise from its current low level, 0.5% to its historical average of 5% for “a sustained period.”
In the Asian session, at GMT0400, the pair is trading at 1.6680, with the GBP trading 0.07% lower from yesterday’s close. Earlier today, the Gfk consumer confidence data in the UK remained unchanged at previous month’s reading of -7.0 in February.
The pair is expected to find support at 1.6631, and a fall through could take it to the next support level of 1.6581. The pair is expected to find its first resistance at 1.6715, and a rise through could take it to the next resistance level of 1.6749.
Traders would keep a tab on the BoE Governor, Mark Carney’s planned speech, expected to commence later today.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
