GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.05% against the USD and closed at 1.2697.
Separately, the Bank of England Governor, Mark Carney, in his speech stated that gradual and limited rise in interest rates may be needed, if the country leaves the European Union smoothly. Additionally, he stated that the Committee is likely to raise interest rates further in order to keep inflation at target. Meanwhile, he indicated that the core banking system is strong enough to withstand the economic and financial shocks in event of a disorderly Brexit.
In the Asian session, at GMT0300, the pair is trading at 1.2695, with the GBP trading a tad lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2662, and a fall through could take it to the next support level of 1.2629. The pair is expected to find its first resistance at 1.2735, and a rise through could take it to the next resistance level of 1.2775.
Trading trend in the British Pound today, is expected to be determined by UK’s Halifax house price index for May, scheduled to release in a few hours.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
