GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.09% against the USD and closed at 1.5474.
On Friday, data showed that UK’s public sector net borrowing unexpectedly posted a surplus of £6.00 billion in April, following a revised surplus of £6.10 billion in the prior month. Markets were expecting public sector net borrowing to report a surplus of £7.90 billion.
Separately, the BoE’s Deputy Governor, Minouche Shafik expressed optimism on the UK economic prospects and added that the causes of Britain’s falling inflation rate were not expected to last long.
In the Asian session, at GMT0300, the pair is trading at 1.545, with the GBP trading 0.15% lower from yesterday’s close.
The pair is expected to find support at 1.5418, and a fall through could take it to the next support level of 1.5385. The pair is expected to find its first resistance at 1.5497, and a rise through could take it to the next resistance level of 1.5543.
With no major economic releases in the UK today, investor sentiment would be determined by global macroeconomic news.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
