GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.93% against the USD and closed at 1.4995, as investors’ exercised caution ahead of the upcoming BoE interest rate decision.
On the economic front, a report from Lloyds Banking Group’s Halifax division indicated that the house price index advanced 0.5% (MoM) in February, compared to a revised 0.3% drop recorded in January. Market had expected a 0.2% rise.
In the Asian session, at GMT0400, the pair is trading at 1.5003, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.4930, and a fall through could take it to the next support level of 1.4856. The pair is expected to find its first resistance at 1.5113, and a rise through could take it to the next resistance level of 1.5222.
The Bank of England is scheduled to make a monetary policy announcement later today and investors speculate that the central bank could restart quantitative easing after halting its bond-buying activities in November.
The currency pair is trading way below its 20 Hr and 50 Hr moving averages.
