GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.52% against the USD and closed at 1.2160, amid mounting worries over no-deal Brexit.
On the macro front, UK’s Gfk consumer confidence index unexpectedly rose to a level of -11.0 in July, defying market consensus for a steady reading. The index had recorded a level of -13.0 in the prior month. Meanwhile, the nation’s BRC shop price index fell 0.1% on an annual basis in July, following a similar drop in the preceding month.
In the Asian session, at GMT0300, the pair is trading at 1.2154, with the GBP trading 0.05% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2118, and a fall through could take it to the next support level of 1.2083. The pair is expected to find its first resistance at 1.2190, and a rise through could take it to the next resistance level of 1.2226.
Trading trend in the Sterling today, is expected to be determined by UK’s Nationwide house price index for July, slated to release in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
