GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.35% against the USD, on Friday, and closed at 1.6117, after reports showed that retail sales in the UK rose better-than-expected in March.
On a monthly basis, retail sales rose 1.8% in March, compared to a 0.8% decline in the previous month. Market had expected 0.4% rise in March.
In the Asian session, at GMT0300, the pair is trading at 1.6119, with the GBP trading flat from Friday’s close.
The pair is expected to find support at 1.6055, and a fall through could take it to the next support level of 1.5991. The pair is expected to find its first resistance at 1.6166, and a rise through could take it to the next resistance level of 1.6214.
Trading trends in the pair today are expected to be determined by Nationwide housing prices in the UK.
The currency pair is showing convergence with its 20 Hr and is trading above its 50 Hr moving average.
