GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.58% against the USD and closed at 1.2821.
On the data front, UK’s public sector net borrowing has reported a surplus of £0.8 billion in July, as compared to a revised deficit of £5.7 billion in the prior month. Market participants were expecting public sector net borrowing to post a deficit of £0.3 billion.
Other economic data showed that the nation’s CBI industrial trends total orders surprisingly advanced to a level of 13.0 in August, compared to a reading of 10.0 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.2821, with the GBP trading flat against the USD from yesterday’s close.
The pair is expected to find support at 1.2787, and a fall through could take it to the next support level of 1.2752. The pair is expected to find its first resistance at 1.2877, and a rise through could take it to the next resistance level of 1.2932.
Amid a lack of macroeconomic releases in the UK today, investors will look forward to 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.
