GBP/USD: Britain’s annual inflation growth remains unchanged in May


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 0.07% against the USD and closed at 1.3381.

Macroeconomic news released showed that UK’s consumer price index (CPI) rose 2.4% on an annual basis in May, meeting market expectations and marking its lowest level since March 2017. In the prior month, the CPI had recorded a similar gain.

In the Asian session, at GMT0300, the pair is trading at 1.3385, with the GBP trading slightly higher against the USD from yesterday’s close.

The pair is expected to find support at 1.3332, and a fall through could take it to the next support level of 1.3279. The pair is expected to find its first resistance at 1.3414, and a rise through could take it to the next resistance level of 1.3443.

Moving ahead, investors would closely monitor UK’s retail sales data for May, scheduled to release in a few hours.

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

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