GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.61% against the USD and closed at 1.4109, after UK’s consumer price index (CPI) advanced less-than-expected by 0.2% MoM in May, following a 0.1% rise in the previous month, reinforcing expectations that the Bank of England will be in no hurry to increase key interest rate soon. On an annual basis, the nation’s CPI held steady at 0.3%, while investors expected it to rise 0.4%.
In the Asian session, at GMT0300, the pair is trading at 1.4132, with the GBP trading 0.16% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.4080, and a fall through could take it to the next support level of 1.4029. The pair is expected to find its first resistance at 1.4192, and a rise through could take it to the next resistance level of 1.4253.
Going ahead, investors will look forward to Britain’s ILO unemployment rate data for the three months ended April, scheduled to release in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
