GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.7% against the USD and closed at 1.3033 on Friday.
Data revealed that the CBI industrial trends total orders surprisingly advanced to 9.0 in May, mainly driven by faster growth in export orders, against market consensus to remain unchanged at 4.0 as reported in the previous month.
Over the weekend, Rightmove house prices rose 1.2% on a monthly basis in May in the UK, from 1.1% gain recorded in the last month.
In the Asian session, at GMT0300, the pair is trading at 1.2995, with the GBP trading 0.29% lower against the USD from Friday’s close.
The pair is expected to find support at 1.2943, and a fall through could take it to the next support level of 1.2891. The pair is expected to find its first resistance at 1.3043, and a rise through could take it to the next resistance level of 1.3091.
In absence of any major economic releases in the UK today, market participants will look forward to global macroeconomic events for direction.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
