GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.20% against the USD and closed at 1.5937, after data from the industrial trends survey by the Confederation of British Industry (CBI) showed that UK’s manufacturing orders rose less-than-expected in November.
The Confederation of British Industry (CBI), in its latest industrial trends survey, indicated that total order book balance in the UK rose to -21.0 in November from -23.0 in October. Market had expected total order book balance to rise to -19.0 in November.
In the Asian session, at GMT0400, the pair is trading at 1.5949, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.5920, and a fall through could take it to the next support level of 1.5890. The pair is expected to find its first resistance at 1.5979, and a rise through could take it to the next resistance level of 1.6008.
Trading trends in the pair today are expected to be determined by the release of BBA mortgage approvals in the UK.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
