GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.21% against the USD and closed at 1.5902, as lingering uncertainty over Fed’s policy decision, lured investors to take refuge under the safe-haven dollar.
In the Asian session, at GMT0300, the pair is trading at 1.5896, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.5868, and a fall through could take it to the next support level of 1.5839. The pair is expected to find its first resistance at 1.5945, and a rise through could take it to the next resistance level of 1.5993.
Investors are expected to keep a close watch on UK’s consumer and producer inflation data, scheduled to release later during the day. Market participants expect the consumer price index rate to fall further to 2.7% in August, down from an annual rate of 2.8% in July.
The currency pair is trading below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
