GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.23% against the USD and closed at 1.5631, after data showed that the UK trade deficit widened more-than-expected in June.
In the UK, the visible trade deficit widened to £10.1 billion in June, from the deficit of £8.4 billion in May. Market had expected a deficit of £8.7 billion. Meanwhile, the total trade deficit widened to £4.3 billion in June, compared to £2.7 billion deficit in May.
In the Asian session, at GMT0300, the pair is trading at 1.5626, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.5593, and a fall through could take it to the next support level of 1.5560. The pair is expected to find its first resistance at 1.5672, and a rise through could take it to the next resistance level of 1.5718.
The pair is expected to take cues by the release of UK producer price index data in the day ahead.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
