GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.55% against the USD and closed at 1.6137.
In the UK, public sector net borrowing fell to £5.3 billion in January, after rising by £14.5 billion in December. In the US, consumer confidence rose to 70.4 in February, up from a revised 64.8 in January.
The pound fell against the dollar yesterday, amid escalating political instability in the Middle East and North Africa. BoE policy maker, Adam Posen has stated that BoE’s inflation forecasts for 2013 and 2014 are too high and inflation could fall below target over the next few years.
The pair opened the Asian session at 1.6137, and is trading at 1.6174 at 4.00GMT. The pair is trading 0.23% higher from the New York session close.
The pair has its first short term resistance at 1.6214, followed by the next resistance at 1.6255. The first support is at 1.6117, with the subsequent support at 1.6061.
Bank of England minutes is likely to receive increased market attention, with BBA loans for house purchases data due to be released later today.
The currency pair is showing convergence with its 20 Hr moving average.
