GBPUSD Movement
On Friday, GBP rose 0.27% against the USD and closed at 1.5262.
In economic news, UK’s public sector net borrowing stood at £10.2 billion in June, against the expected net borrowing of £9.4 billion and compared to a revised borrowing of £12.8 billion reported in May. Also, public sector net cash requirements stood at £3.1 billion in June, compared to revised requirements of £3.0 billion recorded in May.
In the Asian session, at GMT0300, the pair is trading at 1.5286, with the GBP trading 0.16% higher from Friday’s close.
The pair is expected to find support at 1.5235, and a fall through could take it to the next support level of 1.5184. The pair is expected to find its first resistance at 1.5318, and a rise through could take it to the next resistance level of 1.5350.
It would be interesting to see how long can Sterling cling on to its gains against the US Dollar in absence of any domestic economic data for release today. Ahead this week, all eyes will remain focused on the second quarter UK GDP data to be released on Thursday, which is expected to remain vital for the near term trends of Sterling against the majors.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
