GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.08% against the USD and closed at 1.2785.
On the economic front, UK’s CBI industrial trends total orders decreased more-than-anticipated to a level of 4.0 in April, from a reading of 8.0 in the previous month and compared to market expectations of a drop to a level of 5.0.
In the Asian session, at GMT0300, the pair is trading at 1.2780, with the GBP trading slightly lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2755, and a fall through could take it to the next support level of 1.2731. The pair is expected to find its first resistance at 1.2818, and a rise through could take it to the next resistance level of 1.2857.
Going ahead market participants will focus on UK’s public sector net borrowing data for March, scheduled to release in a few hours.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
