GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.15% against the USD and closed at 1.5865, after the Confederation of British Industry said industrial order expectations declined more-than-expected in March.
On the economic front, Consumer Price Index in the UK rose 3.4% (YoY) in February, in line with the market expectation of 3.3%. Additionally, Retail Price Index, on an annual basis, recorded a growth of 3.7% in February, against a 3.9% rise in January.
However, the Confederation of British Industry (CBI) in its latest industrial trends survey indicated that total order book balance in the UK fell to -8.0 in March, following a reading of -3.0 recorded in February.
In the Asian session, at GMT0400, the pair is trading at 1.5875, with the GBP trading 0.06% higher from yesterday’s close.
The pair is expected to find support at 1.5839, and a fall through could take it to the next support level of 1.5803. The pair is expected to find its first resistance at 1.5903, and a rise through could take it to the next resistance level of 1.5931.
Trading trends in the pair today are expected to be determined by the release of public sector net borrowing data, annual budget and Bank of England Minutes (BoE) in the UK.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
