For the 24 hours to 23:00 GMT, the GBP declined 0.11% against the USD and closed at 1.3047, after three prominent lawmakers resigned from Prime Minister Theresa May’s ruling Conservative party over Brexit.
On the macro front, the balance of firms reporting total order book above normal unexpectedly rose to 6.0 in February. The balance of firms reporting total order book above normal had recorded a reading of -1.0 in the prior month.
In the Asian session, at GMT0400, the pair is trading at 1.3049, with the GBP trading marginally higher against the USD from yesterday’s close.
The pair is expected to find support at 1.3004, and a fall through could take it to the next support level of 1.2960. The pair is expected to find its first resistance at 1.3101, and a rise through could take it to the next resistance level of 1.3154.
Trading trend in the Sterling today, is expected to be determined by UK’s public sector net borrowing for January, set to release in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
