GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP retreated 1.01% against the USD and closed at 1.5321, after a report indicated an increase in the UK goods trade deficit.
In the UK, on a seasonally adjusted basis, the goods trade deficit widened to £8.60 billion in November from £7.90 billion recorded in October. Trade deficit with non-EU countries increased to £5.0 billion, compared to deficit of £4.6 billion in October.
In the Asian session, at GMT0400, the pair is trading at 1.5317, with the GBP trading 0.02% lower from yesterday’s close.
The pair is expected to find support at 1.5255, and a fall through could take it to the next support level of 1.5193. The pair is expected to find its first resistance at 1.5434, and a rise through could take it to the next resistance level of 1.5550.
Trading trends in the pair today are expected to be determined by release of UK’s industrial production, manufacturing production and the NIESR Gross Domestic Product estimate.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
