GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.27% against the USD and closed at 1.6118, after the UK Chancellor, George Osborne expressed concerns that faltering Euro-zone economy was weighing badly on the British economy.
Yesterday, the BoE in a widely expected move kept its interest rates on hold at a record low level of 0.5%, citing low inflation. It further maintained the size of its asset purchase program unchanged at £375 billion.
In the Asian session, at GMT0300, the pair is trading at 1.6117, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.6071, and a fall through could take it to the next support level of 1.6026. The pair is expected to find its first resistance at 1.6195, and a rise through could take it to the next resistance level of 1.6274.
Going forward, investors look ahead to the UK’s trade balance data, scheduled in a few hours.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
