GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.67% against the USD and closed at 1.5993, after goods trade deficit in the UK narrowed to £8.56 billion in March, from £8.59 billion in February. Economists had expected the goods trade deficit to narrow to £8.40 billion.
Meanwhile, the UK Chancellor of the Exchequer, George Osborne, at a meeting of EU finance ministers in Brussels, stated that economies across Europe including Britain are being damaged by uncertainty over the future of the Euro-zone rather than austerity measures.
In the Asian session, at GMT0300, the pair is trading at 1.5973, with the GBP trading 0.12% lower from yesterday’s close.
The pair is expected to find support at 1.5925, and a fall through could take it to the next support level of 1.5877. The pair is expected to find its first resistance at 1.6068, and a rise through could take it to the next resistance level of 1.6163.
Trading trends in the pair today are expected to be determined by the release of jobless claims change, Bank of England (BoE) inflation report, average weekly earnings and claimant count rate in the UK.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
