GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.14% against the USD and closed at 1.6147.
In the UK, public sector net borrowing (PSNB) rose to £15.9 billion in March, compared to £9.9 billion in February. Market had expected net borrowing to rise to £14.4 billion in March.
In the Asian session, at GMT0300, the pair is trading at 1.6143, with the GBP trading 0.02% lower from yesterday’s close.
The pair is expected to find support at 1.6120, and a fall through could take it to the next support level of 1.6096. The pair is expected to find its first resistance at 1.6165, and a rise through could take it to the next resistance level of 1.6188.
With a series of UK economic releases today, including gross domestic product (GDP) and index of services, trading in the pair is expected to be influenced by the resulting cues from these releases.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
