GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.20% against the USD and closed at 1.6823, ahead of the release of the minutes from the Bank of England’s (BoE) latest monetary policy meeting, which is widely expected to provide further cues on interest rates hike in the UK economy.
In the Asian session, at GMT0300, the pair is trading at 1.6832, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.6801, and a fall through could take it to the next support level of 1.6769. The pair is expected to find its first resistance at 1.6852, and a rise through could take it to the next resistance level of 1.6871.
Later today, apart from the BoE’s minutes, market participants would also eye UK’s public sector net borrowing and CBI industrial orders data, for further guidance in the UK Pound.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
