GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.23% against the USD and closed at 1.5129.
In the UK, consumer prices rose 2.9% annually in June, slightly lower than expectations for a 3.0% rise. Meanwhile, monthly producer prices rose more than market forecasts in June, while the retail price index rose less than expected by 3.3% (YoY) in June.
In the Asian session, at GMT0300, the pair is trading at 1.5118, with the GBP trading marginally lower from yesterday’s close, ahead of the Bank of England (BoE) minutes to be released later today, with major attention would be to see whether new Governor, Mark Carney voted in favour of increasing the size of the £375 billion of asset purchases. The central bank kept its stimulus programme on hold at its last meeting.
Also, data on average earnings, claimant count rate and unemployment rate from the UK are also likely to generate some market interest.
The pair is expected to find support at 1.5052, and a fall through could take it to the next support level of 1.4986. The pair is expected to find its first resistance at 1.5177, and a rise through could take it to the next resistance level of 1.5236.
The currency pair is showing convergence with its 20 Hr and its 50 Hr moving averages.
