GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.28% against the USD and closed at 1.2130.
On the macro front, UK’s public sector net borrowing (excluding temporary effects of financial interventions) posted a less than expected surplus of £1.30 billion in July, compared to market expectations for a surplus of £2.70 billion. In the previous month, net borrowing had recorded a revised deficit of £6.30 billion.
In the Asian session, at GMT0300, the pair is trading at 1.2129, with the GBP trading slightly lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2102, and a fall through could take it to the next support level of 1.2076. The pair is expected to find its first resistance at 1.2165, and a rise through could take it to the next resistance level of 1.2202.
In absence of key macroeconomic releases in Britain today, investor sentiment would be determined by global macroeconomic events.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
