GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.68% against the USD and closed at 1.4526.
On the economic front, UK’s total trade deficit narrowed to a level of £3.17 billion in November, led mainly by a fall in the prices of oil imported. Markets expected it to narrow down to a level of £2.70 billion, against a reading of £3.51 billion in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 1.4525, with the GBP trading flat from Friday’s close.
The pair is expected to find support at 1.4464, and a fall through could take it to the next support level of 1.4403. The pair is expected to find its first resistance at 1.4617, and a rise through could take it to the next resistance level of 1.4708.
Moving ahead, investors will concentrate on UK’s BRC retail sales monitor data for December, scheduled to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
