GBP/USD: UK Chancellor to present the spring budget today


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 0.31% against the USD and closed at 1.3903.

In the Asian session, at GMT0400, the pair is trading at 1.3901, with the GBP trading marginally lower against the USD from yesterday’s close.

The pair is expected to find support at 1.3855, and a fall through could take it to the next support level of 1.3810. The pair is expected to find its first resistance at 1.3932, and a rise through could take it to the next resistance level of 1.3964.

UK’s Budget Report is due later today in which the UK Chancellor Philip Hammond will outline the budget for the next fiscal year in addition with providing details on the expected spending and investment plans.

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

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