GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP traded flat against the USD and closed at 1.3172.
In the economic news, UK’s CBI industrial trends total orders jumped to a level of 13.0 in June, exceeding market expectation for an advance to a level of 1.0. In the prior month, the balance of firms reporting total order book above normal had registered a reading of -3.0.
In the Asian session, at GMT0300, the pair is trading at 1.3164, with the GBP trading 0.06% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.3136, and a fall through could take it to the next support level of 1.3108. The pair is expected to find its first resistance at 1.3204, and a rise through could take it to the next resistance level of 1.3244.
Going ahead, investors would await the Bank of England’s (BoE) interest rate decision for June, scheduled to release in a few hours. Also, UK’s public sector net borrowing data for May, would attract significant amount of investor attention.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
