GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.84% against the USD and closed at 1.3107, as polls indicated that Prime Minister Boris Johnson’s Conservative Party would outright majority in next week’s general election.
In economic news, UK’s final services PMI contracted to a level of 49.3 in November, compared to a level of 50.0 in the previous month. The preliminary figures had indicated a drop to 48.6.
In the Asian session, at GMT0400, the pair is trading at 1.3115, with the GBP trading 0.06% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.3025, and a fall through could take it to the next support level of 1.2936. The pair is expected to find its first resistance at 1.3162, and a rise through could take it to the next resistance level of 1.3210.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
