GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.26% against the USD and closed at 1.5513, after retail sales in the UK rose 2.1% (MoM) in May, compared to a revised 1.1% drop recorded in the previous month. Market had expected for a 0.8% rise. Also, the CBI industrial orders balance in the nation improved to a reading of -18.0 in June, compared to a reading of -20.0 recorded in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.5511, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.5442, and a fall through could take it to the next support level of 1.5373. The pair is expected to find its first resistance at 1.5552, and a rise through could take it to the next resistance level of 1.5593.
The currency pair is trading above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
