GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.37% against the USD and closed at 1.5624, after reports showed that the government’s budget deficit narrowed.
In the UK, the public sector net borrowing declined to £10.8 billion in December, compared to a revised net borrowing of £15.1 billion in November. Also, the net borrowing excluding financial interventions edged down to £13.7 billion in December, compared to £17.94 billion in November.
In the Asian session, at GMT0400, the pair is trading at 1.5616, with the GBP trading 0.05% lower from yesterday’s close.
The pair is expected to find support at 1.5556, and a fall through could take it to the next support level of 1.5497. The pair is expected to find its first resistance at 1.5652, and a rise through could take it to the next resistance level of 1.5688.
With a series of the UK economic releases today, including Bank of England Minutes and GDP, trading in the pair is expected to be influenced by the resulting cues from these releases.
The currency pair is trading just above its 20 Hr and its 50 Hr moving averages.
