GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.07% against the USD and closed at 1.5557.
In economic news, Britain’s public sector net borrowing edged up to £8.60 billion in June, from a revised surplus of £8.40 billion in the previous month, while markets were expected it to increase to £8.70 billion.
In the Asian session, at GMT0300, the pair is trading at 1.5564, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.5531, and a fall through could take it to the next support level of 1.5498. The pair is expected to find its first resistance at 1.5595, and a rise through could take it to the next resistance level of 1.5627.
Looking ahead, market participants would closely monitor the BoE minutes, scheduled in a few hours to get better clarity about an interest rate hike in the UK.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
