GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.34% against the USD and closed at 1.4460.
In economic news, UK’s total trade deficit narrowed to £3.3 billion in April, its smallest trade deficit in seven months, mainly led by a record monthly jump in the nation’s exports. Markets were expecting the nation to post a total trade deficit of £3.6 billion, following a revised deficit of £3.5 billion in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.4452, with the GBP trading 0.06% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.4421, and a fall through could take it to the next support level of 1.4389. The pair is expected to find its first resistance at 1.4505, and a rise through could take it to the next resistance level of 1.4557.
Moving ahead, investors will look forward to Britain’s construction output and consumer inflation expectations report, scheduled to release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
