GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.75% against the USD and closed at 1.6243.
In the UK, six out of nine members of Monetary Policy Committee of Bank of England (BoE), including Governor Mervyn King, continued to oppose the minority campaign for an immediate rise in benchmark UK interest rates.
Meanwhile, British Bankers’ Association (BBA) reported that mortgage approvals in the UK rose to 29,923 in February compared to 29,159 approvals recorded in January.
In the US, Federal Reserve Chairman, Ben Bernanke indicated that community bankers would benefit from the Dodd-Frank Act, as the reform creates a more level playing field for financial institutions of all sizes.
The pair opened the Asian session at 1.6243, and is trading at 1.6235 at 4.00GMT. The pair is trading 0.05% lower from the New York session close.
The pair has its first short term resistance at 1.6343, followed by the next resistance at 1.6450. The first support is at 1.6171, with the subsequent support at 1.6106.
Trading trends in the pair today are expected to be determined by data release on retail sales in the UK.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
