GBPUSD Movement
For the 24 hours to 23:00 GMT on Friday, GBP rose 0.62% against the USD and closed at 1.5803, as risk appetite improved among investors after the release of strong US trade balance data.
In the US, the trade deficit narrowed to $38.5 billion in December, from a downwardly revised $48.6 billion deficit recorded in November. Market had expected the trade deficit to fall to $46.0 billion in December.
In the Asian session, at GMT0400, the pair is trading at 1.5800, with the GBP trading marginally lower from Friday’s close.
The pair is expected to find support at 1.5729, and a fall through could take it to the next support level of 1.5658. The pair is expected to find its first resistance at 1.5858, and a rise through could take it to the next resistance level of 1.5916.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
