GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP slightly declined against the USD and closed at 1.3010, amid diminishing hopes for a Brexit breakthrough between the Conservative and opposition Labour parties.
In the Asian session, at GMT0300, the pair is trading at 1.3015, with the GBP trading marginally higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2977, and a fall through could take it to the next support level of 1.2938. The pair is expected to find its first resistance at 1.3045, and a rise through could take it to the next resistance level of 1.3074.
Going forward, traders would closely monitor UK’s gross domestic product for 1Q alongwith industrial production, manufacturing production, construction output and trade balance data, all for March, scheduled to release in a few hours.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
