GBP/USD: UK’s consumer confidence deteriorated in July


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.34% against the USD and closed at 1.3072.

In the Asian session, at GMT0300, the pair is trading at 1.3088, with the GBP trading 0.12% higher against the USD from yesterday’s close.

Overnight data indicated that UK’s GfK consumer confidence index eased more-than-expected to a level of -12.0 in July, a sign that heightened political and economic uncertainty in the nation may be denting confidence in the economy. The index had recorded a reading of -10.0 in the previous month, while investors had expected for a fall to a level of -11.0.

The pair is expected to find support at 1.3040, and a fall through could take it to the next support level of 1.2993. The pair is expected to find its first resistance at 1.3147, and a rise through could take it to the next resistance level of 1.3207.

Amid no economic releases in the UK today, investors will look forward to the Bank of England’s interest rate decision, scheduled next week.

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

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