GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP slightly declined against the USD and closed at 1.2172.
In the Asian session, at GMT0400, the pair is trading at 1.2167, with the GBP trading marginally lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2115, and a fall through could take it to the next support level of 1.2063. The pair is expected to find its first resistance at 1.2208, and a rise through could take it to the next resistance level of 1.2249.
Moving ahead, market participants will focus on UK’s total trade balance figures along with manufacturing and industrial production data, all for November, scheduled to release in a few hours. Moreover, the NIESR GDP estimate for three months to December, slated to release later today, would also pique investor attention.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
