GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.24% against the USD and closed at 1.6061, buoyed by diminished expectations for additional round of easing by the Bank of England. In the Asian session, at GMT0300, the pair is trading at 1.6055, with the GBP trading 0.03% lower from yesterday’s close.
The pair is expected to find support at 1.6017, and a fall through could take it to the next support level of 1.5979. The pair is expected to find its first resistance at 1.6086, and a rise through could take it to the next resistance level of 1.6116.
The pair is expected to trade on the cues from the release of retail sales data in the UK.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
