Pound Trading Marginally Lower Ahead Of The BOE’s Monetary Policy Decisi
GCI Financial | May 08, 2014 02:35AM ET
For the 24 hours to 23:00 GMT, the GBP fell 0.10% against the USD and closed at 1.6956, as Fed Chief, Janet Yellen’s upbeat view on the US economic outlook supported the US Dollar.
In the Asian session, at GMT0300, the pair is trading at 1.6953, with the GBP trading a tad lower from yesterday’s close.
Earlier today, the Royal Institution of Chartered Surveyors (RICS) reported that its index on UK house price balance eased to a level of to 54.0% in April, missing analysts’ forecasts for a score of 56.0%.
The pair is expected to find support at 1.6935, and a fall through could take it to the next support level of 1.6916. The pair is expected to find its first resistance at 1.6980, and a rise through could take it to the next resistance level of 1.7006.
Later today, the BoE is expected to announce its decision on the nation’s benchmark interest rate and asset purchase facility.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
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