GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.69% against the USD and closed at 1.4387.
In economic news, UK’s consumer inflation expectations index over the next 12 months dropped to a 16-year low level of 1.8%, from the previous reading of 2.0%. Additionally, the nation’s total trade deficit narrowed less-than-expected to £3.46 billion in January, following a revised total trade deficit of £3.70 billion in the prior month. Market anticipation was for the nation to register a total trade deficit of £3.00 billion. Further, UK’s seasonally adjusted construction output surprisingly fell by 0.2% MoM in January, compared to investor expectations for it to advance by 0.2% and following a 2.1% rise in the previous month, indicating a disappointing start to the year, as a slow rise in new construction projects weighed on the industry.
In the Asian session, at GMT0400, the pair is trading at 1.4381, with the GBP trading marginally lower from Friday’s close.
The pair is expected to find support at 1.4278, and a fall through could take it to the next support level of 1.4174. The pair is expected to find its first resistance at 1.4462, and a rise through could take it to the next resistance level of 1.4542.
Amid no economic releases in UK today, investor sentiment would be governed by global macroeconomic news.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
