GBPUSD Movement
On Friday, GBP fell 0.33% against the USD and closed at 1.5232, after Fitch Ratings lowered the UK’s long-term foreign and local currency issuer default ratings one step to “AA+” from “AAA”, citing the weak growth performance of the UK economy in recent years. However, it has maintained a “Stable” outlook on the nation’s credit rating.
In the Asian session, at GMT0300, the pair is trading at 1.5235, with the GBP trading marginally higher from Friday’s close.
The pair is expected to find support at 1.5170, and a fall through could take it to the next support level of 1.5104. The pair is expected to find its first resistance at 1.5335, and a rise through could take it to the next resistance level of 1.5434.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
