GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.62% against the USD and closed at 1.2784.
Macroeconomic data showed that UK’s CBI balance of firms reporting total order book above normal unexpectedly climbed to a level of 10.0 in November, compared to a reading of -6.0 in the prior month.
In the Asian session, at GMT0400, the pair is trading at 1.2791, with the GBP trading 0.05% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2751, and a fall through could take it to the next support level of 1.2711. The pair is expected to find its first resistance at 1.2857, and a rise through could take it to the next resistance level of 1.2923.
Trading trend in the Sterling today is expected to be determined by UK’s public sector net borrowing for October, scheduled to release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
