UK’s Lloyds Business Barometer Advanced In April

Fundamental analysis of Forex market

For the 24 hours to 23:00 GMT, the GBP rose 0.09% against the USD and closed at 1.2932.

The Bank of England Governor, Mark Carney, vowed to revamp the central bank by adapting to hard as well as soft infrastructure in order to adhere with the technological changes and the Fourth Industrial Revolution.

In the Asian session, at GMT0300, the pair is trading at 1.2941, with the GBP trading 0.07% higher against the USD from yesterday’s close.

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Overnight data showed that UK’s Lloyds business barometer climbed to a level of 14.0% in April, following a level of 10.0% in the prior month. Meanwhile, the GfK consumer confidence index remained unchanged at -13.0 in April, at par with market expectations.

The pair is expected to find support at 1.2915, and a fall through could take it to the next support level of 1.2889. The pair is expected to find its first resistance at 1.2957, and a rise through could take it to the next resistance level of 1.2973.

Looking ahead, traders would await UK’s BRC shop price index for April, set to release overnight.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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