GBPUSD Movement
For the 24 hours to 23:00 GMT on Friday, GBP fell 0.61% against the USD and closed at 1.5622, after UK’s public sector net borrowing continued to climb for June, casting aspersions over the government’s plan to balance its budget by 2016-17.
In the UK, public sector net borrowing, excluding the temporary effects of financial interventions, rose to £14.4 billion in June. Separately, a survey by Knight Frank and Markit Economics indicated that the house price sentiment index in the UK declined to 45.6 in July, from 46.3 in June.
In the Asian session, at GMT0300, the pair is trading at 1.5577, with the GBP trading 0.29% lower from Friday’s close.
The pair is expected to find support at 1.5524, and a fall through could take it to the next support level of 1.5470. The pair is expected to find its first resistance at 1.5675, and a rise through could take it to the next resistance level of 1.5772.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
