GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.84% against the USD and closed at 1.2633.
On the data front, UK’s CBI industrial trends total orders jumped more-than-expected to a level of 5.0 in January, notching its highest level since April 2015 and compared to market expectations of an advance to a level of 2.0. In the previous month, the CBI industrial trends total orders had recorded a flat reading.
In the Asian session, at GMT0400, the pair is trading at 1.2647, with the GBP trading 0.11% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2541, and a fall through could take it to the next support level of 1.2434. The pair is expected to find its first resistance at 1.2701, and a rise through could take it to the next resistance level of 1.2754.
Ahead in the day, all eyes would be on the release of UK’s flash 4Q GDP and BBA mortgage applications for December, scheduled to release in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
