GBPUSD Movement
On Friday, the GBP rose marginally against the USD and closed at 1.5694. Friday’s data revealed that Britain’s public sector net borrowing, excluding public sector banks, decreased by £1.4 billion to a surplus of £1.3 billion in July compared to the last year.
In the Asian session, at GMT0300, the pair is trading at 1.5690, with the GBP trading slightly lower from Friday’s close.
The pair is expected to find support at 1.5657, and a fall through could take it to the next support level of 1.5624. The pair is expected to find its first resistance at 1.5724, and a rise through could take it to the next resistance level of 1.5758.
Going ahead, UK’s consumer confidence data for August as well as GDP numbers for Q2, due in the week, would be grab a lot of investor attention.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
