GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.38% against the USD and closed at 1.5736, amid better-than-expected UK retail sales data.
In the UK, retail sales rose 0.3% (MoM) in July, against the forecast for a 0.1% drop and compared to a revised 0.8% rise in June.
Meanwhile, the Bank of England policymaker, Martin Weale, stated that the UK economy is mired in stagnation rather than recession, with the Euro-zone debt crisis the biggest source of uncertainty.
In the Asian session, at GMT0300, the pair is trading at 1.5727, with the GBP trading 0.06% lower from yesterday’s close.
The pair is expected to find support at 1.5661, and a fall through could take it to the next support level of 1.5595. The pair is expected to find its first resistance at 1.5769, and a rise through could take it to the next resistance level of 1.5811.
The currency pair is trading just above its 20 Hr moving average and well above its 50 Hr moving average.
