GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.44% against the USD and closed at 1.2466.
On the data front, UK’s CBI industrial trends total orders advanced to a level of 8.0 in February, from a reading of 5.0 in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.2438, with the GBP trading 0.22% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2403, and a fall through could take it to the next support level of 1.2369. The pair is expected to find its first resistance at 1.2477, and a rise through could take it to the next resistance level of 1.2517.
Moving ahead, market participants would focus on the BoE Governor, Mark Carney’s speech along with Britain’s public sector net borrowings data for January, set 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.
