GBPUSD Movement
On Friday, GBP fell 0.06% against the USD and closed at 1.6731, after the Bank of England (BoE) reported that consumer inflation expectations in the UK economy for next 12 months fell to 2.8%, from an earlier expectation of 3.6%.
In the Asian session, at GMT0400, the pair is trading at 1.6733, with the GBP trading tad higher from Friday’s close.
The pair is expected to find support at 1.6697, and a fall through could take it to the next support level of 1.6662. The pair is expected to find its first resistance at 1.6778, and a rise through could take it to the next resistance level of 1.6824.
Amid lack of economic releases from the UK, traders are expected to keep a tab on global economic news for further guidance in the pair.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
