GBP/USD: Pound trading a tad lower in the morning session


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.15% against the USD and closed at 1.2879.

In the Asian session, at GMT0300, the pair is trading at 1.2875, with the GBP trading slightly lower against the USD from yesterday’s close.

Overnight data revealed that Britain’s BRC retail sales across all sectors rebounded 1.2% on an annual basis in June, surpassing market expectations for a rise of 0.8% and following a decline of 0.4% in the previous month.

The pair is expected to find support at 1.2851, and a fall through could take it to the next support level of 1.2826. The pair is expected to find its first resistance at 1.2904, and a rise through could take it to the next resistance level of 1.2932.

With no major economic releases in the UK today, investor sentiment will be governed by global macroeconomic news.

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

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