GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.33% against the USD and closed at 1.4333.
Yesterday, the OECD projected the UK economy to grow by 2.1% in 2016 and 2.0% in 2017, down from an earlier forecast of 2.4% and 2.3%, respectively.
In the Asian session, at GMT0400, the pair is trading at 1.4323, with the GBP trading 0.07% lower from yesterday’s close.
The pair is expected to find support at 1.4255, and a fall through could take it to the next support level of 1.4187. The pair is expected to find its first resistance at 1.4394, and a rise through could take it to the next resistance level of 1.4464.
Going ahead, market participants await the release of UK’s retail sales and public sector net borrowing data, both for the month of January, scheduled in a few hours.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
