GBP/USD: Pound trading on a stronger footing, ahead of UK’s crucial inflation data


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 0.09% against the USD and closed at 1.2898.

In the Asian session, at GMT0300, the pair is trading at 1.2908, with the GBP trading 0.08% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.2877, and a fall through could take it to the next support level of 1.2845. The pair is expected to find its first resistance at 1.2940, and a rise through could take it to the next resistance level of 1.2971.

Trading trend in the Pound today is expected to be determined by the release of Britain’s consumer price index data for April, slated in a few hours.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

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