GBPUSD Movement
On Friday, the GBP declined 0.67% against the USD and closed at 1.5233, after Britain’s total trade deficit unexpectedly widened to £2.89 billion in December, from a revised total trade deficit of £1.84 billion in the prior month. Markets were anticipating the nation’s total trade deficit to fall to £1.70 billion.
In the Asian session, at GMT0400, the pair is trading at 1.5258, with the GBP trading 0.16% higher from Friday’s close.
The pair is expected to find support at 1.5195, and a fall through could take it to the next support level of 1.5132. The pair is expected to find its first resistance at 1.5338, and a rise through could take it to the next resistance level of 1.5417.
Amid no economic releases in the UK today, investors would closely monitor the nation’s NIESR GDP estimate data, scheduled for tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
