GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.23% against the USD and closed at 1.2993 on Friday.
In economic news, data showed that UK’s public sector net borrowing posted a more-than-expected deficit of £6.3 billion in June, from a revised deficit of £6.4 billion in the prior month, while markets were anticipating public sector net borrowing to record a deficit of £4.2 billion.
In the Asian session, at GMT0300, the pair is trading at 1.301, with the GBP trading 0.13% higher 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 1.3034, and a rise through could take it to the next resistance level of 1.3057.
In absence of any crucial economic releases in the UK today, investor sentiment will be governed by global macroeconomic factors.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
