For the 24 hours to 23:00 GMT, the GBP rose 0.07% against the USD and closed at 1.3203, after the British Prime Minister, Theresa May, remained optimistic over Brexit talks, stating that she is “ambitious and positive” about UK’s future with the European Union and added that constructive progress had been made in Brexit negotiations.
Meanwhile, data revealed that UK’s CBI industrial trends total orders surprisingly fell to a level of -2.0 in October, against market consensus for a rise to a level of 9.0 and hitting its the lowest since November 2016. The CBI industrial trends total orders had recorded a level of 7.0 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3218, with the GBP trading 0.11% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.3175, and a fall through could take it to the next support level of 1.3132. The pair is expected to find its first resistance at 1.3244, and a rise through could take it to the next resistance level of 1.3270.
In absence of any macroeconomic releases in the UK today, investor sentiment would be governed by global macroeconomic news.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.