GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.14% against the USD and closed at 1.5489, after Britain’s total trade deficit widened to £1.60 billion in June, compared to previous month’s revised deficit of £0.88 billion and market expectations of a deficit of £1.70 billion.
In the Asian session, at GMT0300, the pair is trading at 1.5485, with the GBP trading marginally lower from Friday’s close.
The pair is expected to find support at 1.5424, and a fall through could take it to the next support level of 1.5363. The pair is expected to find its first resistance at 1.5546, and a rise through could take it to the next resistance level of 1.5608.
Trading trends in the pair today are expected to be determined by BRC retail sales monitor, scheduled to release in the midnight.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
