GBP/USD: UK’s retail sales advanced to its highest level in 2.5 years in March


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.09% against the USD and closed at 1.2981.

Data revealed that UK’s retail sales unexpectedly climbed 6.7% on a yearly basis in March, hitting a 2.5-year high level and compared to a rise of 4.0% in the previous month. Market participants had envisaged retail sales to record a rise of 4.5%.

In the Asian session, at GMT0300, the pair is trading at 1.2985, with the GBP trading marginally higher against the USD from yesterday’s close.

The pair is expected to find support at 1.2974, and a fall through could take it to the next support level of 1.2963. The pair is expected to find its first resistance at 1.2997, and a rise through could take it to the next resistance level of 1.3009.

With no macroeconomic releases in UK today, investors would look forward to global macroeconomic releases for further direction.

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

This entry was posted in GBP/USD. Bookmark the permalink.

Comments are closed.