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.
