GBP/USD: UK’s GfK consumer confidence remained steady in July


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP marginally rose against the USD and closed at 1.2739.

On the data front, UK’s CBI industrial trends survey order climbed to -46.0% on a monthly basis in July, less than market expectations for a rise to a level of -38.0% and compared to a reading of -58.0% in the previous month. Moreover, the GfK consumer confidence remained unchanged at -27.0 in July.

In the Asian session, at GMT0300, the pair is trading at 1.2757, with the GBP trading 0.14% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.2696, and a fall through could take it to the next support level of 1.2634. The pair is expected to find its first resistance at 1.2796, and a rise through could take it to the next resistance level of 1.2834.

Going forward, traders would keep a close eye on UK’s retail sales for June and the Markit manufacturing and services PMIs, both for July, slated to release in a few hours.

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

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