GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.08% against the USD and closed at 1.5672.
The BoE’s rate-setting panel kept its benchmark interest rate on hold at a record low of 0.5%. Additionally, the central bank kept the size of its bond portfolio unchanged at £375 billion, at par with market expectations.
In other economic news, the Halifax house price index in the UK rose 0.4% on a monthly basis in November, compared to a drop of 0.4% in October, while market expectations were for the index to advance 0.3%.
In the Asian session, at GMT0400, the pair is trading at 1.5654, with the GBP trading 0.12% lower from yesterday’s close.
The pair is expected to find support at 1.5621, and a fall through could take it to the next support level of 1.5587. The pair is expected to find its first resistance at 1.5707, and a rise through could take it to the next resistance level of 1.5761.
Trading trends in the Pound today are expected to be determined by the BoE’s inflation report for the next 12 months, scheduled in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
