GBP/USD: UK’s retail sales sharply rebound in April


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.19% against the USD and closed at 1.2942.

In economic news, data showed that British retail sales rebounded more-than-anticipated by 2.3% on a monthly basis in April, suggesting that consumer spending, the driving force of the nation’s economic growth, is holding up well in the face of rapidly increasing inflation. Market participants had envisaged retail sales to advance of 1.1%, compared to a revised drop of 1.4% in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.2947, with the GBP trading slightly higher against the USD from yesterday’s close.

The pair is expected to find support at 1.2875, and a fall through could take it to the next support level of 1.2803. The pair is expected to find its first resistance at 1.3033, and a rise through could take it to the next resistance level of 1.3119.

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

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