GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.29% against the USD and closed at 1.4892, after the BoE Governor, Mark Carney stated that the central bank was in no hurry to cut interest rates in the UK, as the Pound’s strength and the nation’s weak inflation growth could affect “the pace and degree” of future interest rate increases.
In other economic news, Britain’s total trade deficit narrowed to its smallest level since mid-2013 to £0.616 billion in January, compared to a total trade deficit of £2.142 billion registered in December.
In the Asian session, at GMT0400, the pair is trading at 1.487, with the GBP trading 0.15% lower from yesterday’s close.
The pair is expected to find support at 1.4804, and a fall through could take it to the next support level of 1.4738. The pair is expected to find its first resistance at 1.4982, and a rise through could take it to the next resistance level of 1.5094.
Meanwhile, investors would concentrate on UK’s construction output data, scheduled in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
