COZforex: For the past trading session, Pound rise 0.29% against the USD and closed at 1.6474, after the International Monetary Fund (IMF) endorsed the Bank of England (BoE)’s accommodative monetary policy and projected the Britain economy to grow by 2.4% this year, faster than any other major economies of the European economy.

In the Asian session, at GMT0400, GBP/USD is trading at 1.6479, with the GBP trading marginally higher from yesterday’s close.

In the lone economic news, CBI industrial trends survey showed that, on a monthly basis, orders in the UK economy declined to a reading of -2.0 in January, compared to analysts’ expectation for a reading of 10.0 and from previous month’s reading of 12.0.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said, GBP/USD is predicted to find support at 1.6421 and a decline through could take it to the next support line of 1.6363. Meanwhile, the pair is predicted to find its first resistance at 1.6515, and a rise through could take it to the next resistance line of 1.6551.

Traders keenly await UK’s employment data and the minutes of the BoE’s latest policy meeting, scheduled for release later today.


(COZ forex UK)