GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.18% against the USD and closed at 1.2950, as polls suggested UK Conservative party’s victory in the upcoming December elections.
In the Asian session, at GMT0400, the pair is trading at 1.2953, with the GBP trading a tad higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2922, and a fall through could take it to the next support level of 1.2890. The pair is expected to find its first resistance at 1.2985, and a rise through could take it to the next resistance level of 1.3016.
Trading trend in the Sterling today, is expected to be determined by UK’s CBI industrial trends survey for November, set to release in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
