GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.45% against the USD and closed at 1.5228, as public sector net borrowing and CBI industrial order expectations data disappointed Sterling traders.
According to the data released by the UK Office for National Statistics (ONS), nation’s public sector net borrowing was £16.7 billion in March, compared to a revised borrowing of £7.2 billion reported in February. Meanwhile, public sector net borrowing excluding financial interventions was £15.1 billion in March, compared to revised net borrowings of £5.6 billion reported in February. Separately, the Confederation of British Industry (CBI) in its latest industrial trends survey reported that the total order book balance slipped to a reading of -25.0 in April as compared to a level of -15.0 in March. Market had expected industrial orders to improve to a reading of -13.0 in April.
In the Asian session, at GMT0300, the pair is trading at 1.5245, with the GBP trading 0.11% higher from yesterday’s close.
The pair is expected to find support at 1.5198, and a fall through could take it to the next support level of 1.5152. The pair is expected to find its first resistance at 1.5290, and a rise through could take it to the next resistance level of 1.5336.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
