GBP/USD: British pound trading lower in the morning session


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.41% against the USD and closed at 1.2682, after UK Prime Minister Theresa May announced that she would resign from her position.

On Friday, data indicated that UK’s retail sales climbed 5.2% on a yearly basis in April, compared to 6.7% in the prior month. Market participants had envisaged retail sales to record a rise of 4.6%.

In the Asian session, at GMT0300, the pair is trading at 1.2672, with the GBP trading 0.08% lower against the USD from yesterday’s close.

The pair is expected to find support at 1.2644, and a fall through could take it to the next support level of 1.2616. The pair is expected to find its first resistance at 1.2724, and a rise through could take it to the next resistance level of 1.2776.

Looking ahead, trades would keep an eye on UK’s BBA mortgage approvals for April, slated to release in a few hours.

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

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