GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.22% against the USD and closed at 1.5261.
On the economic front, the Confederation of British Industry (CBI) indicated that its index of industrial order expectations improved to a reading of -14.0 in February from a reading of -20.0 in January. Meanwhile, the UK National Statistics Office reported that public sector net borrowing posted a deficit of £9.9 billion in January, compared to a downwardly revised surplus of £12.4 billion in December.
Late yesterday, David Miles, a policymaker at the Bank of England (BoE), indicated that the central bank has a good case to restart with its monetary stimulus program and should consider new measures if the economy is running substantially below capacity.
In the Asian session, at GMT0400, the pair is trading at 1.5295, with the GBP trading 0.22% higher from yesterday’s close.
The pair is expected to find support at 1.5177, and a fall through could take it to the next support level of 1.506. The pair is expected to find its first resistance at 1.5367, and a rise through could take it to the next resistance level of 1.5440.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
