GBPUSD Movement
On Friday, GBP declined 1.36% against the USD and closed at 1.5042, following BoE’s downbeat assessment of the nation’s inflation growth for the next 12 months.
The BoE’s expectation for the UK inflation over the next 12 months dropped to 1.9% in February its lowest level in more than 13 years, from the prior reading of 2.5%.
In the Asian session, at GMT0400, the pair is trading at 1.5061, with the GBP trading 0.13% higher from Friday’s close.
The pair is expected to find support at 1.4977, and a fall through could take it to the next support level of 1.4893. The pair is expected to find its first resistance at 1.5200, and a rise through could take it to the next resistance level of 1.5338.
Amid no economic releases in the UK today, investor sentiment would be governed by global macroeconomic news.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
