GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.13% against the USD and closed at 1.4002.
Macroeconomic data revealed that UK’s public sector net borrowing posted a deficit of £1.0 billion in December, falling short of market anticipations for a deficit of £4.3 billion. In the prior month, public sector net borrowing had registered a revised deficit of £6.6 billion.
Meanwhile, the nation’s CBI industrial trends total orders fell less-than-anticipated to a level of 14.0 in January, compared to a level of 17.0 in the prior month, while markets were anticipating it to ease to a level of 12.0.
In the Asian session, at GMT0400, the pair is trading at 1.4037, with the GBP trading 0.25% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.3954, and a fall through could take it to the next support level of 1.3872. The pair is expected to find its first resistance at 1.4081, and a rise through could take it to the next resistance level of 1.4126.
Ahead in the day, all eyes would be on the release of UK’s ILO unemployment rate and average weekly earnings data for the three months to November, to gauge strength in the nation’s labour market.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
