GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.42% against the USD and closed at 1.5307.
The Confederation of British Industry’s (CBI) industrial trends survey showed that the British factory order books improved more than expected in July, reaching the highest level in seven months.
In the Asian session, at GMT0300, the pair is trading at 1.5328, with the GBP trading 0.14% higher from yesterday’s close.
With the last quarter’s preliminary GDP data showing an unexpected improvement in the UK’s economy, traders have increased their bets on the Pound amid market expectations that the trend would continue in second quarter.
The pair is expected to find support at 1.5281, and a fall through could take it to the next support level of 1.5235. The pair is expected to find its first resistance at 1.5382, and a rise through could take it to the next resistance level of 1.5437.
The currency pair is showing convergence with its 20 Hr moving average and is trading below 50 Hr moving average.
