Sat, Jan 28, 2023 @ 19:25 GMT
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Pound Trading On A Positive Footing This Morning

For the 24 hours to 23:00 GMT, the GBP rose 0.27% against the USD and closed at 1.4169, after the Bank of England’s (BoE) policymaker, Ian McCafferty stated that the central bank should not prolong next interest rate hike, citing the possibility of faster wage growth and the recent strength in the global economy.

In the Asian session, at GMT0300, the pair is trading at 1.4177, with the GBP trading 0.06% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.4138, and a fall through could take it to the next support level of 1.4098. The pair is expected to find its first resistance at 1.4200, and a rise through could take it to the next resistance level of 1.4222.

Looking ahead, market participants would direct their attention to Britain’s trade balance, industrial and manufacturing production data, all for February, scheduled to release in a few hours. Investors would also eye the release of NIESR GDP estimate for the three months to March, due later today.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

GCI Financial
GCI Financial
DISCLAIMER : GCI's Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

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