GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.96% against the USD and closed at 1.2483.
On the data front, UK’s CBI industrial trends survey orders rose to -58.0% in June. In the previous month, the CBI industrial trends survey orders had recorded a reading of -62.0%.
In the Asian session, at GMT0300, the pair is trading at 1.2484, with the GBP trading marginally higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2395, and a fall through could take it to the next support level of 1.2306. The pair is expected to find its first resistance at 1.2540, and a rise through could take it to the next resistance level of 1.2596.
Moving forward, traders would keep a watch on UK’s Markit manufacturing and services PMIs, both for June, slated to release in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
