GBP/USD: British Pound reverses its gains in the morning session


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 0.48% against the USD and closed at 1.3091.

In the Asian session, at GMT0400, the pair is trading at 1.3064, with the GBP trading 0.21% lower against the USD from yesterday’s close.

Overnight data showed that the BRC retail sales across all sectors fell 0.4% on an annual basis in February, more than market expectations for a decline of 0.2% and compared to a flat reading in the prior month.

The pair is expected to find support at 1.2999, and a fall through could take it to the next support level of 1.2935. The pair is expected to find its first resistance at 1.3164, and a rise through could take it to the next resistance level of 1.3265.

With no macroeconomic releases in Britain today, investor sentiment would be governed by global macroeconomic news.

The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.

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