GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP marginally fell against the USD and closed at 1.6639, as the latter advanced following an upbeat US industrial production data. However, the gains in the greenback were somewhat pared after media reports showed that an earthquake of 4.4 magnitude hit the Los Angeles city in the US, along with the release of disappointing gauge of factory activity in New York state and NAHB housing market index.
In the Asian session, at GMT0400, the pair is trading at 1.6638, with the GBP trading slightly lower from yesterday’s close.
The pair is expected to find support at 1.6605, and a fall through could take it to the next support level of 1.6573. The pair is expected to find its first resistance at 1.6669, and a rise through could take it to the next resistance level of 1.6701.
Looking forward, the Bank of England (BoE) Governor, Mark Carney’s speech, is awaited for further cues in the Sterling. Meanwhile, the BoE minutes scheduled tomorrow will attract maximum attention to know policymakers’ view on the recovery of the UK economy.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
