GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.12% against the USD and closed at 1.2911.
On the macro front, UK’s budget deficit widened to £11.21 billion in October, exceeding market expectations.
According to the OECD forecasts, the British economy will expand by 1.2% in 2019 from 1.0% indicated previously before slowing to 1.0% in 2020 and again improving to 1.2% in 2021.
In the Asian session, at GMT0400, the pair is trading at 1.2914, with the GBP trading slightly higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2881, and a fall through could take it to the next support level of 1.2849. The pair is expected to find its first resistance at 1.2958, and a rise through could take it to the next resistance level of 1.3003.
Trading trend in the British pound today, is expected to be determined by UK’s Markit manufacturing and services PMI for November, slated to release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
