GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.32% against the USD and closed at 1.2438.
Data showed that UK’s CBI total trends order unexpectedly dropped to a level of -34.0 in July, compared to market expectations for a steady reading. The balance of firms reporting total order book above normal had recorded a reading of -15.0 in the previous month.
Separately, the International Monetary Fund upgraded its growth forecast for UK to 1.3% in 2019 and 1.4% for 2020, on the back of expectations for an orderly Brexit.
In the Asian session, at GMT0300, the pair is trading at 1.2434, with the GBP trading slightly lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2407, and a fall through could take it to the next support level of 1.2381. The pair is expected to find its first resistance at 1.2471, and a rise through could take it to the next resistance level of 1.2509.
Trading trend in the Sterling today, is expected to be determined by UK’s BBA mortgage approvals for June, set to release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
