GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.08% against the USD and closed at 1.3384.
On the economic front, UK’s public sector net borrowing posted a less-than-expected deficit of £8.1 billion in November, following a revised deficit of £7.2 billion in the previous month. Market participants had anticipated public sector net borrowing to post a deficit of £8.3 billion.
In the Asian session, at GMT0400, the pair is trading at 1.3380, with the GBP trading slightly lower against the USD from yesterday’s close.
Data released overnight showed that the Lloyds business barometer increased to a level of 28.0 in December, surging to its highest level since July 2017, compared to a reading of 24.0 in the prior month.
The pair is expected to find support at 1.3345, and a fall through could take it to the next support level of 1.3311. The pair is expected to find its first resistance at 1.3401, and a rise through could take it to the next resistance level of 1.3423.
Looking forward, UK’s final 3Q GDP numbers, due to release in a few hours, will attract significant amount of market attention.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
