GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.14% against the USD and closed at 1.6114.
Hours after Chancellor of the Exchequer, George Osborne stated that keeping the government’s borrowing costs low is more important than retaining its top rating, the Standard & Poor’s (S&P) rating agency lowered the outlook on UK’s triple-A debt rating.
The S&P has put the UK’s AAA long-term credit rating on negative watch, citing fears that economic growth over the next two years could be weaker-than- forecast.
On the data front, the Confederation of British Industry (CBI) indicated that, on a monthly basis, industrial trends orders in the UK improved to a reading of -12.0 in December, from a reading of -21.0 recorded in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 1.6116, with the GBP trading steady from yesterday’s close.
The pair is expected to find support at 1.6082, and a fall through could take it to the next support level of 1.6048. The pair is expected to find its first resistance at 1.6152, and a rise through could take it to the next resistance level of 1.6188.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
