GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.54% against the USD and closed at 1.2419.
In economic news, UK’s public sector net borrowing narrowed more-than-expected to a level of £4.3 billion in October, as compared to a revised deficit of £9.2 billion in the prior month while markets anticipated it to narrow to a level of £6.0 billion.
In the Asian session, at GMT0400, the pair is trading at 1.2416, with the GBP trading slightly lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2364, and a fall through could take it to the next support level of 1.2313. The pair is expected to find its first resistance at 1.2484, and a rise through could take it to the next resistance level of 1.2553.
Moving ahead, market participants would look forward to Britain’s autumn budget statement by the UK Chancellor, scheduled in a few hours.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
