GBPUSD Movement
On Friday, GBP fell 0.15% against the USD and closed at 1.5513. However, losses in the Pound were limited as UK trade deficit narrowed more-than-expected to £8.1 billion in June, following a deficit of £8.7 billion recorded in the previous month. Moreover, the seasonally adjusted construction output in the UK rose 1.2% (YoY) in June, surpassing the market expectations of a 0.2% rise. However, the Conference Board leading economic index fell 0.2% in June, from a 0.4% rise in May.
In the Asian session, at GMT0300, the pair is trading at 1.5491, with the GBP trading 0.14% lower from Friday’s close.
The pair is expected to find support at 1.5468, and a fall through could take it to the next support level of 1.5444. The pair is expected to find its first resistance at 1.5537, and a rise through could take it to the next resistance level of 1.5582.
In the absence of any major economic event in the UK, trading movements in the pair shall be influenced by general market news.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
