GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.32% against the USD and closed at 1.2961, after a suspected terrorist attack in UK’s Manchester city killed at least 22 people and left around 60 people injured.
On macro front, UK’s public sector net borrowing reported a deficit £9.6 billion in April, from a revised deficit of £2.3 billion in the previous month. Markets were expecting public sector net borrowing to show a deficit of £8.0 billion.
In the Asian session, at GMT0300, the pair is trading at 1.2967, with the GBP trading 0.05% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2935, and a fall through could take it to the next support level of 1.2904. The pair is expected to find its first resistance at 1.3016, and a rise through could take it to the next resistance level of 1.3066.
With no economic release in the UK today, investors will look forward to global macroeconomic data for further direction in Pound.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
