GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP traded flat against the USD and closed at 1.5743.
In the UK, goods trade deficit declined to £7.8 billion in August, compared to a deficit of £8.2 billion recorded in July. Additionally, the overall trade deficit narrowed to £1.9 billion in August, from a trade deficit of £2.3 billion in July.
In the Asian session, at GMT0300, the pair is trading at 1.5740, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.5676, and a fall through could take it to the next support level of 1.5613. The pair is expected to find its first resistance at 1.5794, and a rise through could take it to the next resistance level of 1.5849.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
