GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.24% against the USD and closed at 1.3187 on Friday, amid hopes of constructive talks over Brexit, after the UK Prime Minister, Theresa May, called on EU leaders for a new dynamic that would allow Brexit talks to progress.
Macroeconomic data indicated that Britain’s public sector net borrowing posted a less-than-anticipated deficit of £5.3 billion in September, following a revised deficit of £4.1 billion in the prior month, while markets were expecting public sector net borrowing to post a deficit of £5.7 billion.
In the Asian session, at GMT0300, the pair is trading at 1.3193, with the GBP trading marginally higher against the USD from Friday’s close.
The pair is expected to find support at 1.3120, and a fall through could take it to the next support level of 1.3048. The pair is expected to find its first resistance at 1.3233, and a rise through could take it to the next resistance level of 1.3274.
With no major macroeconomic releases in the UK today, investor sentiment would be governed by global macroeconomic factors.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
