GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.54% against the USD and closed at 1.5440, after the BoE indicated that the central bank remains on track to raise its benchmark interest rate next year, despite recent market turmoil related to China’s slowdown and in global financial markets as well.
Yesterday, the BoE made no changes in its current monetary policy at its September meeting and kept the size of its bond portfolio intact at £375 billion.
Additionally, the minutes of this meeting revealed that only one policymaker, Ian McCafferty, from the nine-member MPC, voted in favour of a small rise in interest rates.
In the Asian session, at GMT0300, the pair is trading at 1.5446, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.5364, and a fall through could take it to the next support level of 1.5283. The pair is expected to find its first resistance at 1.5502, and a rise through could take it to the next resistance level of 1.5558.
Meanwhile, UK’s consumer inflation expectation data, scheduled in a few hours, would grab lot of market attention.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
