GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.26% against the USD and closed at 1.2502 on Friday.
Data indicated that UK’s public sector net borrowing rose sharply to £7.2 billion in June, hitting its highest level since June 2015 and compared to a revised level of £4.5 billion.
In the Asian session, at GMT0300, the pair is trading at 1.2502, with the GBP trading flat against the USD from Friday’s close.
The pair is expected to find support at 1.2467, and a fall through could take it to the next support level of 1.2432. The pair is expected to find its first resistance at 1.2546, and a rise through could take it to the next resistance level of 1.2590.
In absence of key economic releases in UK today, investor sentiment would be determined by global macroeconomic events.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
