GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.36% against the USD and closed at 1.3249, following the resignation of two key UK officials namely Foreign Secretary, Boris Johnson and Brexit Minister, David Davis.
In the Asian session, at GMT0300, the pair is trading at 1.3253, with the GBP trading slightly higher against the USD from yesterday’s close.
The pair is expected to find support at 1.3174, and a fall through could take it to the next support level of 1.3096. The pair is expected to find its first resistance at 1.3347, and a rise through could take it to the next resistance level of 1.3442.
Looking forward, traders would keep an eye on UK’s trade balance data, industrial production, manufacturing production and construction output, all for May, slated to release in a few hours. Also, the nation’s NIESR gross domestic product estimate will keep investors on their toes.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
