GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.40% against the USD and closed at 1.5633.
In economic news, public sector net borrowing in the UK rose to £15.6 billion in May, from a revised surplus of £19.9 billion in April.
Yesterday, Bank of England Governor, Mervyn King, stated outlook for the UK economy had deteriorated in recent weeks due to turmoil in the Euro-zone, reinforcing expectations the bank would opt to expand its asset purchase programme to boost growth or cut interest rates.
In the Asian session, at GMT0300, the pair is trading at 1.5639, with the GBP trading 0.04% higher from yesterday’s close.
The pair is expected to find support at 1.5588, and a fall through could take it to the next support level of 1.5538. The pair is expected to find its first resistance at 1.5670, and a rise through could take it to the next resistance level of 1.5702.
Trading trends in the pair today are expected to be determined by the release of CBI sales and mortgage applications in the UK.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
