GBP/USD: UK’s retail sales advanced more-than-expected in July


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 0.24% against the USD and closed at 1.2089, on the back of upbeat UK retail sales data.

On the macro front, UK’s retail sales rose 3.3% on a yearly basis in July, surpassing market expectations for an advance of 2.5%. In the previous month, retail sales had recorded a gain of 3.8%.

In the Asian session, at GMT0300, the pair is trading at 1.2086, with the GBP trading a tad lower against the USD from yesterday’s close.

The pair is expected to find support at 1.2041, and a fall through could take it to the next support level of 1.1996. The pair is expected to find its first resistance at 1.2141, and a rise through could take it to the next resistance level of 1.2196.

Looking ahead, investors would keep an eye on UK’s Rightmove house price index and public sector net borrowing, slated to release next week.

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

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