GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.23% against the USD and closed at 1.4446, after UK’s total trade deficit narrowed to a level of £3.8 billion in March, from a revised total trade deficit of £4.3 billion in the previous month. Market expectation was for the nation to record a deficit of £4.2 billion.
In the Asian session, at GMT0300, the pair is trading at 1.4445, with the GBP trading flat from yesterday’s close.
The pair is expected to find support at 1.4396, and a fall through could take it to the next support level of 1.4347. The pair is expected to find its first resistance at 1.4487, and a rise through could take it to the next resistance level of 1.4528.
Going ahead, market participants will look forward to Britain’s industrial and manufacturing production data for March, scheduled to release in a few hours. Moreover, the nation’s NIESR GDP estimate for the three months ending April, due later in the day, will also attract investor attention.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
