GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.94% against the USD and closed at 1.6268, stoked by expectations that inflation may force the BoE to act sooner than expected.
The pair opened the Asian session at 1.6268, and is trading at 1.6273 at 4.00GMT. The pair is trading 0.03% higher from the New York session close.
The pair has its first short term resistance at 1.6357, followed by the next resistance at 1.6441. The first support is at 1.6128, with the subsequent support at 1.5983.
The pair is expected to trade on the cues from the release of M4 money supply, net lending to individuals and manufacturing PMI in the UK.
The currency pair is trading just above its 20 Hr moving average and well above its 50 Hr moving average.
