GBPUSD Movement
On Friday, the GBP declined 0.31%against the USD and closed at 1.5528.
The BoE’s Chief Economist, Andy Haldane opined that the central bank may need to cut interest rates further from their record-low level to support the nation’s growth and to bring back inflation to its 2% target level. Additionally, he expressed concerns on world economic growth and recent volatility in global financial markets, due to an economic downturn in China.
In the Asian session, at GMT0300, the pair is trading at 1.5536, with the GBP trading a tad higher from Friday’s close.
Overnight data showed that Britain’s Rightmove house price index rebounded 0.9% on a monthly basis in September, following a drop of 0.8% in the preceding month.
The pair is expected to find support at 1.548, and a fall through could take it to the next support level of 1.5424. The pair is expected to find its first resistance at 1.5626, and a rise through could take it to the next resistance level of 1.5715.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
