GBP/USD: Pound Trading On A Slightly Weaker Footing In The Asian Session

For the 24 hours to 23:00 GMT, the GBP rose 0.97% against the USD and closed at 1.5335, extending its previous session gains.

Yesterday, the BoE made no changes in its monetary policy and maintained its key interest rate unchanged at a record-low of 0.5%. Additionally, the central bank kept the volume of QE purchases intact at £375 billion.

In other economic news, the Halifax house price index climbed 2.0% on a monthly basis in January, compared to a revised rise of 1.1% recorded in the previous month. Market anticipations were for the index to rise 0.1%.

In the Asian session, at GMT0400, the pair is trading at 1.5328, with the GBP trading slightly lower from yesterday’s close.

The pair is expected to find support at 1.5230, and a fall through could take it to the next support level of 1.5132. The pair is expected to find its first resistance at 1.5386, and a rise through could take it to the next resistance level of 1.5444.

Trading trends in the Pound today are expected to be determined by Britain’s total trade balance data, set for release in few hours.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.