GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.12% against the USD and closed at 1.3100.
in the UK, CBI’s Industrial Trends Survey revealed that optimism fell sharply mainly due to the EU referendum result, while expectations that total new orders will rise are at their lowest level since January 2012. It stated that 52% of firms were less optimistic about the general business situation compared to three months ago, while 5% of businesses were more optimistic, leaving a balance of -47%. Also, the Trends total orders declined less-than-forecasted to -4% in July.
In the Asian session, at GMT0300, the pair is trading at 1.3106, with the GBP trading marginally higher against the USD from yesterday’s close.
The pair is expected to find support at 1.3069, and a fall through could take it to the next support level of 1.3033. The pair is expected to find its first resistance at 1.3153, and a rise through could take it to the next resistance level of 1.3201.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
