GBP/USD: Pound moving southwards in the Asian session

 

GBP USD

GBPUSD Movement

On Friday, GBP fell 0.27% against the USD and closed at 1.5558, following positive US employment data. However, losses were limited as UK’s total trade deficit narrowed to £2.6 billion in April from to a downwardly revised deficit of £3.3 billion reported in the previous month. Moreover, consumer inflation expectations over the coming year remained unchanged at 3.6% in May, the same as recorded in February.

In the Asian session, at GMT0300, the pair is trading at 1.5526, with the GBP trading 0.21% lower from Friday’s close.

The pair is expected to find support at 1.5470, and a fall through could take it to the next support level of 1.5413. The pair is expected to find its first resistance at 1.5601, and a rise through could take it to the next resistance level of 1.5675.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

This entry was posted in GBP/USD. Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>