GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.79% against the USD and closed at 1.2869 on Friday.
In economic news, UK’s retail sales jumped 3.0% on an annual basis in December, compared to a revised rise of 3.4% in the previous month. Market participants had envisaged retail sales to advance 3.6%.
In the Asian session, at GMT0400, the pair is trading at 1.2859, with the GBP trading 0.08% lower against the USD from Friday’s close.
Overnight data indicated that Britain’s Rightmove house price index rose 0.4% on a yearly basis in January, following a gain of 0.7% in the preceding month.
The pair is expected to find support at 1.2809, and a fall through could take it to the next support level of 1.2760. The pair is expected to find its first resistance at 1.2947, and a rise through could take it to the next resistance level of 1.3036.
Amid lack of economic releases in UK today, traders would focus on global macroeconomic events for further direction.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
