GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.83% against the USD and closed at 1.2903.
On the macro front, Britain’s public-sector net borrowing reported a surplus of £2.9 billion in July, compared to a revised deficit of £3.3 billion in the previous month. Market participants had expected public sector net borrowing to show a surplus of £2.0 billion.
Other data showed that the nation’s CBI industrial trends total orders dropped to 7.0 in August, more than market expectations for a fall to a level of 8.0. In the prior month, industrial trends total orders had recorded a reading of 11.0.
In the Asian session, at GMT0300, the pair is trading at 1.2907, with the GBP trading slightly higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2838, and a fall through could take it to the next support level of 1.2768. The pair is expected to find its first resistance at 1.2951, and a rise through could take it to the next resistance level of 1.2994.
With no macroeconomic releases in the UK today, investor sentiment would be determined by global macroeconomic news.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
