GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.25% against the USD and closed at 1.2218.
In economic news, UK’s CBI industrial trends total orders surprisingly dropped to a level of -17.0 in October, whereas markets expected it to remain steady at a level of -5.0, recorded in the prior month. Additionally, the nation’s CBI business optimism index recorded a level of -8.0 in October, compared to a reading of -47.0 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.2221, with the GBP trading marginally higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2187, and a fall through could take it to the next support level of 1.2153. The pair is expected to find its first resistance at 1.2252, and a rise through could take it to the next resistance level of 1.2283.
Going ahead, investors would turn their attention to a speech by the BoE Governor, Mark Carney, due later in the day.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
