GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP marginally rose against the USD and closed at 1.3030.
On the data front, Britain’s CBI industrial trends total orders dropped more-than-expected to a level of 10.0 in July, compared to a level of 16.0 in the prior month. Market participants were anticipating it to ease to a level of 12.0.
In the Asian session, at GMT0300, the pair is trading at 1.3030, with the GBP trading flat against the USD from yesterday’s close.
The pair is expected to find support at 1.2997, and a fall through could take it to the next support level of 1.2965. The pair is expected to find its first resistance at 1.3073, and a rise through could take it to the next resistance level of 1.3117.
Trading trend in the Pound today will be determined by the release of Britain’s flash 2Q GDP numbers and BBA mortgage applications data for June, both slated to release in a few hours.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
