GBPUSD Movement
For the 24 hours to 23:00 GMT on Friday, GBP rose 0.20% against the USD and closed at 1.5518.
On the economic front, annual retail sales in the UK eased 0.6% in January, compared to a revised 0.1% rise recorded in the previous month. Market had expected a 0.8% rise. Additionally, monthly retail sales fell 0.6% (MoM) in January, against the expected 0.4% rise and compared to the revised 0.3% fall in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.5482, with the GBP trading 0.23% lower from Friday’s close.
This morning, Rightmove reported that an index measuring house prices in UK rose 2.8% (MoM) in February, compared to a 0.2% rise reported in the previous month.
The pair is expected to find support at 1.5446, and a fall through could take it to the next support level of 1.5409. The pair is expected to find its first resistance at 1.5535, and a rise through could take it to the next resistance level of 1.5587.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
