GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 1.15% against the USD and closed at 1.4712.
Yesterday, the BoE’s rate-setting Monetary Policy Committee opted to keep the interest rates unchanged at a record low of 0.5%, following a further slowdown in the UK inflation. Additionally, the policymakers agreed to leave the size of the central bank’s bond portfolio unchanged at £375 billion.
In other economic news, Britain’s total trade deficit worsened to £2.86 billion in February, from £1.54 billion in January. Meanwhile, the nation’s Halifax house price index rose 0.4% MoM in March, more than market expectations for a rise of 0.10%. The index had recorded a revised drop of 0.40% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.4708, with the GBP trading a tad lower from yesterday’s close.
The pair is expected to find support at 1.4632, and a fall through could take it to the next support level of 1.4557. The pair is expected to find its first resistance at 1.4836, and a rise through could take it to the next resistance level of 1.4963.
Trading trends in the Pound today are expected to be determined by UK’s manufacturing and industrial production data, scheduled in a few hours. Additionally, the NIESR’s GDP estimate, scheduled later today would generate lot of market attention.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
