GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.73% against the USD and closed at 1.5597, as global growth concern overweighed the positive data from the UK.
In economic news, retail sales in the UK rose more-than-expected by 1.4% (MoM) in May, compared to the expectation of 1.2% rise. Separately, the Confederation of British Industry (CBI) reported that its index of industrial order expectations rose to a reading of -11.0 in June, from May’s reading of -17.0.
In the Asian session, at GMT0300, the pair is trading at 1.5615, with the GBP trading 0.11% higher from yesterday’s close.
The pair is expected to find support at 1.5551, and a fall through could take it to the next support level of 1.5487. The pair is expected to find its first resistance at 1.5706, and a rise through could take it to the next resistance level of 1.5798.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
