GBPUSD Movement
On Friday, the GBP marginally rose 0.89% against the USD and closed at 1.5513.
In economic news, total trade deficit in the UK narrowed to £0.39 billion in May, following a revised deficit of £1.83 billion in the previous month. Markets were anticipating a deficit of £2.15 billion.
Other economic data indicated that construction output in the UK slid 1.3% MoM in May, after having shrunk by a revised 0.5% in the preceding month, while markets expected it to rebound by 0.8%.
In the Asian session, at GMT0300, the pair is trading at 1.7145, with the GBP trading 0.06% lower from Friday’s close.
The pair is expected to find support at 1.7124, and a fall through could take it to the next support level of 1.7102. The pair is expected to find its first resistance at 1.7174, and a rise through could take it to the next resistance level of 1.7202.
Moving ahead, Britain’s consumer price inflation data, scheduled tomorrow would be closely monitored by market participants.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
