GBP/USD: UK’s public sector net borrowing deficit narrowed in May

GBPUSD

GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 0.28% against the USD and closed at 1.2741 on Friday.

Macroeconomic data showed that UK’s public sector net borrowing deficit narrowed to £4.5 billion in May, from a revised deficit of £6.2 billion in the prior month. Market participants had envisaged the public sector net borrowing to post a deficit of £3.2 billion.

In the Asian session, at GMT0300, the pair is trading at 1.2753, with the GBP trading 0.09% higher against the USD from Friday’s close.

The pair is expected to find support at 1.2678, and a fall through could take it to the next support level of 1.2604. The pair is expected to find its first resistance at 1.2792, and a rise through could take it to the next resistance level of 1.2832.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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