GBP/USD: UK’s BRC sales like-for-like decline more-than-expected in June


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.06% against the USD and closed at 1.2518.

Data indicated that UK’s BRC sales like-for-like dropped 1.6% on an annual basis in June, more than market consensus for a fall of 1.5%. In the preceding month, the like-for-like sales had recorded a decline of 3.0%.

In the Asian session, at GMT0300, the pair is trading at 1.2510, with the GBP trading 0.06% lower against the USD from yesterday’s close.

The pair is expected to find support at 1.2493, and a fall through could take it to the next support level of 1.2477. The pair is expected to find its first resistance at 1.2533, and a rise through could take it to the next resistance level of 1.2557.

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

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