GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP stood at 1.3011 against the USD on Friday.
Data showed that UK’s gross domestic product climbed 0.4% on a quarterly basis in 3Q 2019, slightly faster than the 0.3% growth initially estimated and compared to a decline of 0.2% in the previous quarter. Additionally, the budget deficit narrowed to £5.6 billion in November from £5.4 billion reported in the last year. Moreover, current account deficit narrowed to £15.9 billion in 3Q 2019, compared to a revised deficit of £24.2 billion in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.3010, with the GBP trading slightly lower against the USD from Friday’s close.
The pair is expected to find support at 1.2973, and a fall through could take it to the next support level of 1.2935. The pair is expected to find its first resistance at 1.3064, and a rise through could take it to the next resistance level of 1.3117.
Amid lack of economic releases in the UK today, traders would focus on global macroeconomic events for further direction.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
