GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.03% against the USD and closed at 1.5954.
On the economic front, the Confederation of British Industry (CBI) in its Distributive Trades Survey indicated that the retail sales balance in the UK rose to 0.0 in March, compared to a balance of -2.0 recorded in February.
Separately, Bank of England’s (BoE) Chief Economist, Spencer Dale, in the Quarterly Bulletin, stated that the nation should make progress on rebalancing its economy. He further added low national saving, a persistent current account deficit as well as the rapid expansion of balance sheets are key reason for need of rebalancing.
In the Asian session, at GMT0300, the pair is trading at 1.5958, with the GBP trading 0.03% higher from yesterday’s close.
The pair is expected to find support at 1.5933, and a fall through could take it to the next support level of 1.5909. The pair is expected to find its first resistance at 1.5992, and a rise through could take it to the next resistance level of 1.6026.
Trading trends in the pair today are expected to be determined by the release of Gross Domestic Product (GDP) and total business investment data in the UK.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
