GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.18% against the USD and closed at 1.6578, amid optimism that the UK economy would continue improve further in 2014.
In economic news on Tuesday, the UK’s Lloyds business barometer rose to a reading of 48.0 in December, following a reading of 50.0 reported in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 1.6589, with the GBP trading 0.07% higher from yesterday’s close.
The pair is expected to find support at 1.6549, and a fall through could take it to the next support level of 1.651. The pair is expected to find its first resistance at 1.6611, and a rise through could take it to the next resistance level of 1.6634.
Investors would focus on the opening batch of data in the UK this year, starting with today’s manufacturing PMI and tomorrow’s construction PMI and mortgage approvals, for determining the short term trend in the pair.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
