GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.12% against the USD and closed at 1.6568.
Over the weekend, in the Jackson Hole Summit, the BoE Deputy Governor, Ben Broadbent, stated that wage growth in Britain is not going to pick up anytime soon. He further mentioned that the bank would not hike its benchmark rates until there is a clear prospect of stronger wage growth in the nation.
In the Asian session, at GMT0300, the pair is trading at 1.6593, with the GBP trading 0.15% higher from yesterday’s close.
The pair is expected to find support at 1.6564, and a fall through could take it to the next support level of 1.6534. The pair is expected to find its first resistance at 1.6611, and a rise through could take it to the next resistance level of 1.6628.
Amid a light economic calendar from the UK today, trading trends in the pair today are expected to be determined by news from various economies.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
