GBPUSD Movement
On Friday, GBP fell 0.07% against the USD and closed at 1.6495.
In economic news, official data showed that, due to excessive spending on government departments and a fall in receipts, the UK public sector net borrowings totalled £7.5 billion in February, compared to a negative borrowing record of £6.8 billion in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.6488, with the GBP trading marginally lower from Friday’s close.
The pair is expected to find support at 1.6466, and a fall through could take it to the next support level of 1.6444. The pair is expected to find its first resistance at 1.6514, and a rise through could take it to the next resistance level of 1.6540.
Amid lack of major economic releases in the UK economy, traders are expected to keep a tab on global economic news for further cues in the pair.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
