GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.13% against the USD and closed at 1.6272, as investors digested stronger-than-expected data out of the US.
Meanwhile in the UK, the Office for National Statistics (ONS) reported that retail sales remained flat in November, following a revised drop of 0.7% (MoM) recorded in October.
In the Asian session, at GMT0400, the pair is trading at 1.6246, with the GBP trading 0.16% lower from yesterday’s close. Data released this morning indicated that consumer confidence in the UK fell to a reading of -29 from the November reading of -22.
The pair is expected to find support at 1.6226, and a fall through could take it to the next support level of 1.6206. The pair is expected to find its first resistance at 1.6281, and a rise through could take it to the next resistance level of 1.6316.
Trading trends in the pair today are expected to be determined by the releases of gross domestic product and public sector net borrowing data in the UK.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
