Pound Trading Lower Ahead Of Britain’s Retail Sales Data
GCI Financial | Apr 23, 2015 02:23AM ET
For the 24 hours to 23:00 GMT, the GBP rose 0.73% against the USD and closed at 1.5037, after the release of the BoE minutes yielded no surprises.
Yesterday, the minutes of the BoE’s latest monetary policy meeting showed that policy setters were unanimous in their decision to hold the borrowing costs at 0.5%. The minutes also indicated that the central bank officials were optimistic that inflation would bounce back next year as downward pressure on prices fade.
In the Asian session, at GMT0300, the pair is trading at 1.5018, with the GBP trading 0.13% lower from yesterday’s close.
The pair is expected to find support at 1.4931, and a fall through could take it to the next support level of 1.4844. The pair is expected to find its first resistance at 1.5093, and a rise through could take it to the next resistance level of 1.5169.
Going ahead, investors will eye data on retail sales and a report on public finances, scheduled in a few hours.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
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