GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.47% against the USD and closed at 1.2943.
On the data front, UK’s total trade deficit widened less-than-expected to GBP2.3 billion in May, compared to market expectations for a trade deficit of GBP3.6 billion and following a revised trade deficit of GBP2.0 billion in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.2945, with the GBP trading marginally higher against the USD from Friday’s close.
The pair is expected to find support at 1.2895, and a fall through could take it to the next support level of 1.2846. The pair is expected to find its first resistance at 1.3005, and a rise through could take it to the next resistance level of 1.3066.
Going ahead, investors await the release of UK’s BRC retail sales monitor data for June, due to release later in the day.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
