GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.29% against the USD and closed at 1.6474, after the International Monetary Fund (IMF) endorsed the Bank of England (BoE)’s accommodative monetary policy and projected the Britain economy to grow by 2.4% this year, faster than any other major economies of the European economy.
In the lone economic news, CBI industrial trends survey showed that, on a monthly basis, orders in the UK economy declined to a reading of -2.0 in January, compared to analysts’ expectation for a reading of 10.0 and from previous month’s reading of 12.0.
In the Asian session, at GMT0400, the pair is trading at 1.6479, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.6421, and a fall through could take it to the next support level of 1.6363. The pair is expected to find its first resistance at 1.6515, and a rise through could take it to the next resistance level of 1.6551.
Traders keenly await UK’s employment data and the minutes of the BoE’s latest policy meeting, scheduled for release later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
