GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.51% against the USD and closed at 1.6180, after the Confederation of British Industry (CBI) reported better-than-expected UK’s industrial output for November, highest level since 1995. According to the survey, the total order book balance in the UK surged to a level of 11.0 in November, no where comparable to market expectations for a rise to 1.0 from a reading of -4.0 registered in the previous month. Separately, the National Statistics reported that net borrowing in the UK’s public sector declined less-than-expected to a level of £6.383 billion in October, compared to a revised reading of £8.619 billion recorded in September.
In the Asian session, at GMT0400, the pair is trading at 1.6186, with the GBP trading slightly higher from yesterday’s close.
The pair is expected to find support at 1.6104, and a fall through could take it to the next support level of 1.6022. The pair is expected to find its first resistance at 1.6236, and a rise through could take it to the next resistance level of 1.6286.
Amid lack of economic releases in the UK, traders are expected to keep a tab on global economic news for further guidance in the pair.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
