GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP traded a tad higher against the USD and closed at 1.5376.
Yesterday, the BoE, in a widely expected move, agreed to maintain key interest rate at the record low of 0.5% and to leave the size of its bond portfolio intact at £375 billion.
On the other hand, the IMF downgraded UK’s growth forecast to 2.4% in 2015 from its previous projection of 2.7% and 2.2% in 2016 from 2.3%.
In the Asian session, at GMT0300, the pair is trading at 1.5395, with the GBP trading 0.12% higher from yesterday’s close.
The pair is expected to find support at 1.5351, and a fall through could take it to the next support level of 1.5308. The pair is expected to find its first resistance at 1.5430, and a rise through could take it to the next resistance level of 1.5466.
Going forward, market participants would focus on Britain’s total trade balance data, scheduled in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
