GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.90% against the USD and closed at 1.3078.
On the macro front, balance of firms reporting total order book above normal declined to -1.0 in January, more than market expectations for a fall of 4.0. In the previous month, the balance of firms reporting total order book above normal had recorded a reading of 8.0.
In the Asian session, at GMT0400, the pair is trading at 1.3075, with the GBP trading marginally lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2982, and a fall through could take it to the next support level of 1.2889. The pair is expected to find its first resistance at 1.3131, and a rise through could take it to the next resistance level of 1.3187.
With no macroeconomic releases in Britain today, investor sentiment would be governed by global macroeconomic events.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
