GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.39% against the USD and closed at 1.5829.
Chancellor of the Exchequer, George Osborne, stated that he would not borrow money to fund tax cuts or increase spending in the 2012 budget. He added that any giveaways in the 21 March 2012 budget will be offset by higher taxes or spending cuts in other areas.
In the Asian session, at GMT0400, the pair is trading at 1.5842, with the GBP trading 0.08% higher from yesterday’s close.
The pair is expected to find support at 1.5810, and a fall through could take it to the next support level of 1.5778. The pair is expected to find its first resistance at 1.5875, and a rise through could take it to the next resistance level of 1.5908.
Trading trends in the pair today are expected to be determined by the release of CBI reported sales data in the UK.
The currency pair is converging with its 20 Hr and 50 Hr moving averages.
