GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.50% against the USD and closed at 1.4934.
In the Asian session, at GMT0300, the pair is trading at 1.4940, with the GBP trading marginally higher from yesterday’s close.
This morning, the British Retail Consortium (BRC) like-for-like retail sales in UK rose 1.4% (YoY) in June, following a 1.8% rise recorded in May. Moreover, UK’s Royal Institution of Chartered Surveyors (RICS) reported that on a seasonally adjusted basis, house price balance climbed to 21.0% in June, against the expected rise to 8.0% in June.
The pair is expected to find support at 1.4881, and a fall through could take it to the next support level of 1.4821. The pair is expected to find its first resistance at 1.4984, and a rise through could take it to the next resistance level of 1.5027.
The UK industrial and manufacturing production data scheduled for release later today are likely to set the tone for the GBP against the majors in today’s trading session. Separately, the NIESR GDP estimate is also keenly eyed by investors.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
