GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose marginally against the USD and closed at 1.6980, amid mounting speculation for an earlier-than-expected interest rate hike in the UK economy.
In the Asian session, at GMT0300, the pair is trading at 1.6965, with the GBP trading 0.09% lower from yesterday’s close.
The pair is expected to find support at 1.6945, and a fall through could take it to the next support level of 1.6924. The pair is expected to find its first resistance at 1.6999, and a rise through could take it to the next resistance level of 1.7032.
Amid a slew of economic releases in the UK economy, traders would mainly focus on Britain’s consumer price index data, which is widely expected to register a 1.7% (YoY) rise in May.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
