GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 1.11% against the USD and closed at 1.5091.
In its quarterly bulletin, the Bank of England revealed that the UK treasury would benefit a net £17.0 billion from transfers from the central bank’s asset-purchase program.
The Pound was boosted after the Governor of the Bank of England (BoE), Mervyn King, stated that the central bank does not actively seek to push the Pound lower to aid exporters. He also indicated that the UK economic recovery is gaining momentum and would gradually garner pace during the course of the year.
In the Asian session, at GMT0400, the pair is trading at 1.5087, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.4961, and a fall through could take it to the next support level of 1.4835. The pair is expected to find its first resistance at 1.5167, and a rise through could take it to the next resistance level of 1.5247.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
