GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.44% against the USD and closed at 1.5454.
Reuters reported that the UK’s Chancellor of the Exchequer, George Osborne reached a deal with the government department to reduced £11.50 billion ($17.70 billion) from spending for the year beginning April 2015 attempting to lower the nation’s budget deficit.
In the Asian session, at GMT0300, the pair is trading at 1.5434, with the GBP trading 0.13% lower from yesterday’s close.
The pair is expected to find support at 1.5363, and a fall through could take it to the next support level of 1.5291. The pair is expected to find its first resistance at 1.5486, and a rise through could take it to the next resistance level of 1.5537.
In the day ahead, investors await BBA mortgage approvals and CBI distributive trades survey data from the UK.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
