GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.27% against the USD and closed at 1.2219 on Friday, after data showed that UK’s public sector net borrowing posted a more-than-expected deficit of £10.1 billion in September, following a revised deficit of £10.3 billion in the prior month and against market expectations for a deficit of £8.2 billion.
In the Asian session, at GMT0300, the pair is trading at 1.2195, with the GBP trading 0.2% lower against the USD from Friday’s close.
The pair is expected to find support at 1.2158, and a fall through could take it to the next support level of 1.212. The pair is expected to find its first resistance at 1.2244, and a rise through could take it to the next resistance level of 1.2292.
Moving ahead, market participants would await the release of UK’s CBI industrial trends orders survey for October, scheduled to release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
