GBP/USD: British Pound trading flat in the Asian session


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 0.55% against the USD and closed at 1.2729.

On the data front, UK’s public sector net borrowing narrowed to £34.8 billion in June, less than market anticipations and compared to a revised deficit of £44.7 billion in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.2729, with the GBP trading flat against the USD from yesterday’s close.

The pair is expected to find support at 1.2663, and a fall through could take it to the next support level of 1.2598. The pair is expected to find its first resistance at 1.2781, and a rise through could take it to the next resistance level of 1.2834.

With no macroeconomic releases in the UK today, investor sentiment would be determined by global macroeconomic news.

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

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