GBP/USD: UK trade deficit narrowed less-than-expected in March

GBPUSD Movement

On Friday, GBP fell 0.58% against the USD and closed at 1.5354.

In the UK, total trade deficit fell to £3.130 billion in March, from a revised £3.391 billion deficit recorded in the previous month. Market had expected a trade deficit of £3.100 billion in March. Meanwhile, goods trade deficit narrowed to £9.056 billion in March, from a revised £9.165 billion deficit recorded in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.5346, with the GBP trading marginally lower from Friday’s close.

The pair is expected to find support at 1.5289, and a fall through could take it to the next support level of 1.5231. The pair is expected to find its first resistance at 1.5429, and a rise through could take it to the next resistance level of 1.5511.

The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.