For the 24 hours to 23:00 GMT, the GBP fell 0.28% against the USD and closed at 1.4888.
In the Asian session, at GMT0300, the pair is trading at 1.4901, with the GBP trading 0.09% higher from yesterday’s close.
Earlier today, the Confederation of British Industry (CBI) gave an upbeat assessment about the British economy and estimated that the UK economy grew 0.7% in the three months of 2015, up from 0.6% growth registered in the prior quarter. It also indicated that the main risk to the nation’s economy was related to ongoing Euro-zone worries and uncertainty over Greece’s bailout package.
The pair is expected to find support at 1.4853, and a fall through could take it to the next support level of 1.4805. The pair is expected to find its first resistance at 1.4966, and a rise through could take it to the next resistance level of 1.5032.
Going forward, investors would eye on Britain’s services PMI data, scheduled in a few hours to get better insights in the nation’s economy.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.