GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.15% against the USD and closed at 1.2714, on the back of better than expected retail sales data.
Data showed that UK’s retail sales rebounded 0.7% on a monthly basis in July, helped by store promotions and robust online sales and beating market expectations for a rise of 0.2%. In the prior month, retail sales had dropped 0.5%.
In the Asian session, at GMT0300, the pair is trading at 1.2720, with the GBP trading 0.05% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2689, and a fall through could take it to the next support level of 1.2657. The pair is expected to find its first resistance at 1.2753, and a rise through could take it to the next resistance level of 1.2785.
Moving forward, investors will keep an eye on the UK’s CBI total trends, Rightmove house prices and public sector net borrowings, all slated to release next week.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
