GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.34% against the USD and closed at 1.2494.
In the Asian session, at GMT0400, the pair is trading at 1.2505, with the GBP trading 0.09% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2467, and a fall through could take it to the next support level of 1.2428. The pair is expected to find its first resistance at 1.2563, and a rise through could take it to the next resistance level of 1.2620.
Going ahead, market participants will direct their attention to the release of UK’s trade balance figures, manufacturing and industrial production data along with the NIESR GDP estimate for three months ended January, set to release in a few hours.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
