GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.70% against the USD and closed at 1.4774. Gains in British Pound were kept in check, after consumer prices in UK remained flat on an annual basis in March, thus decreasing expectations of an interest rate hike by the BoE.
Separately, the IMF praised the UK economy and forecasted that the British economy will grow 2.7% in 2015, compared with a growth of 2.6% recorded in 2014. It also estimated that the nation’s growth will ease to 2.3% in 2016.
In the Asian session, at GMT0300, the pair is trading at 1.4764, with the GBP trading 0.07% lower from yesterday’s close.
The pair is expected to find support at 1.4643, and a fall through could take it to the next support level of 1.4523. The pair is expected to find its first resistance at 1.4844, and a rise through could take it to the next resistance level of 1.4924.
Amid no economic releases in the UK today, investor sentiment would be governed by global macroeconomic news.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
