GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.17% against the USD and closed at 1.6162, after the release of Bank of England minutes.
The Bank of England policy meeting minutes showed that seven of nine members of the Bank of England’s Monetary Policy Committee voted to keep the key interest rate at a low of 0.5% in July. Meanwhile, eight MPC members voted to leave the size of the asset purchase program unchanged at £200.0 billion.
In the morning economic news, the nationwide consumer confidence in the UK declined to 51 in June, from 55 in May.
The pair opened the Asian session at 1.6162, and is trading at 1.6153 at 3.00GMT. The pair is trading 0.06% lower from yesterday’s close at 23:00 GMT.
The pair has its first short term resistance at 1.6197, followed by the next resistance at 1.6240. The first support is at 1.6089, with the subsequent support at 1.6024.
Trading trends in the pair today are expected to be determined by data release on retail sales and public sector net borrowing in the UK.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above 50 Hr moving average.
