GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.29% against the USD and closed at 1.4467, after UK’s total trade deficit declined more than anticipated to £2.71 billion, compared to a revised deficit of £4.03 billion in the previous month while markets expected it to drop to £3.00 billion.
In the Asian session, at GMT0400, the pair is trading at 1.4471, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.4394, and a fall through could take it to the next support level of 1.4317. The pair is expected to find its first resistance at 1.4532, and a rise through could take it to the next resistance level of 1.4594.
Moving ahead, market participants will look forward to UK’s industrial and manufacturing production data, scheduled to release in a few hours and the NIESR GDP estimate data, set to release later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
