GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.12% against the USD and closed at 1.5985.
The Bank of England’s (BoE) Monetary Policy Committee member, Andrew Sentance indicated that the central bank might need to raise its key interest rate sharply if it fails to deliver gradual rate hikes now.
In the US, personal income, on monthly basis, increased by 0.3% in February from upwardly revised 1.2% in January. Meanwhile, core PCE increased by 0.2% (M-o-M) in February.
The pair opened the Asian session at 1.5985, and is trading at 1.5992 at 3:00GMT. The pair is trading 0.04% higher from the New York session close.
The pair has its first short term resistance at 1.6043, followed by the next resistance at 1.6093. The first support is at 1.5937, with the subsequent support at 1.5881.
With series of economic data releases in the UK, including M4 money supply and gross domestic product (GDP), trading trends in the pair are expected to ride on these releases.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
