GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 11.09% against the USD and closed at 1.1583 on Friday.
On the data front, UK’s public sector net borrowing posted a surplus of £0.39 billion in February, confounding market expectations for a deficit of £0.85 billion and compared to a revised surplus of £12.43 billion in the previous month. Additionally, the consumer inflation expectations eased to 3.0% in February, compared to 3.1% in the prior month.
In the Asian session, at GMT0400, the pair is trading at 1.1661, with the GBP trading 0.67% higher against the USD from Friday’s close.
The pair is expected to find support at 1.1485, and a fall through could take it to the next support level of 1.1308. The pair is expected to find its first resistance at 1.1886, and a rise through could take it to the next resistance level of 1.2110.
With no macroeconomic releases in Britain today, investor sentiment would be governed by global macroeconomic events.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
