GBP/USD: Pound trading marginally higher this morning


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 0.73% against the USD and closed at 1.3172.

Overnight data revealed that UK BRC like-for-like sales declined 1.0% in October, led by weak sales of non-food items, from a gain of 1.9% reported in the prior month. Markets had expected the retail sales to rise 0.8%.

In the Asian session, at GMT0400, the pair is trading at 1.3174, with the GBP trading marginally higher from yesterday’s close.

The pair is expected to find support at 1.3102, and a fall through could take it to the next support level of 1.3030. The pair is expected to find its first resistance at 1.3212, and a rise through could take it to the next resistance level of 1.3250.

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

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