GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.88% against the USD and closed at 1.5576, extending its previous session gains.
Yesterday, the BoE’s Monetary Policy Committee (MPC) kept its benchmark rates unchanged at a record low of 0.5%. Additionally, the central bank maintained its quantitative easing programme at £375 billion.
In the Asian session, at GMT0300, the pair is trading at 1.5576, with the GBP trading flat from yesterday’s close.
The pair is expected to find support at 1.5441, and a fall through could take it to the next support level of 1.5307. The pair is expected to find its first resistance at 1.5663, and a rise through could take it to the next resistance level of 1.5749.
Moving ahead, market participants will try to gauge the health of the UK economy from the nation’s manufacturing and industrial production data, set for release in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
