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.
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