GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.16% against the USD and closed at 1.3995, lifted by renewed optimism over Brexit, following a report that the European Parliament is preparing a plan to give Britain “privileged” access to the single market.
In economic news, Britain’s CBI industrial trends total orders fell more-than-expected to a level of 10.0 in February, against market expectations for a drop to a level of 11.0. The CBI industrial trends total orders had posted a reading of 14.0 in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.3989, with the GBP trading slightly lower against the USD from yesterday’s close.
The pair is expected to find support at 1.3939, and a fall through could take it to the next support level of 1.3889. The pair is expected to find its first resistance at 1.4032, and a rise through could take it to the next resistance level of 1.4075.
Moving ahead, UK’s ILO unemployment rate and average weekly earnings for the three months to December, slated to release in a few hours, will be on investors’ radar.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
