GBPUSD Movement
On Friday, GBP fell 0.11% against the USD and closed at 1.6019.
In economic news, an official data revealed that UK public sector net borrowing rose less than expected to a level of £11.452 billion in August, failing to meet market expectation for a rise to £12.000 billion and following a revised deficit of £1.119 billion registered in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.6019, with the GBP trading flat from Friday’s close.
The pair is expected to find support at 1.5980, and a fall through could take it to the next support level of 1.5942. The pair is expected to find its first resistance at 1.6063, and a rise through could take it to the next resistance level of 1.6108.
Mirroring last week’s trends, this will be another heavy data week for the UK, with the Confederation of British Industry’s (CBI) realized sales figure will be released for September on Wednesday. Also during the week, the Office of National Statistics will release its final gross domestic product (GDP) figure, which is expected to stay the same at 0.7% quarter-on-quarter. Traders will also keep a tab on housing price index and current balance data.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
