GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.46% against the USD and closed at 1.5357, after the UK services PMI rose to a reading of 60.2 in July from a reading of 56.9 in June, showing a rise at fastest pace in more than six years.
In the Asian session, at GMT0300, the pair is trading at 1.5352, with the GBP trading tad lower from yesterday’s close.
Early this morning, the British Retail Consortium (BRC) reported that, on a yearly basis, like-for-like retail sales in the UK rose 2.2% in July, following a 1.4% increase recorded in the previous month.
The pair is expected to find support at 1.5284, and a fall through could take it to the next support level of 1.5217. The pair is expected to find its first resistance at 1.5400, and a rise through could take it to the next resistance level of 1.5449.
Pound is expected to take cues from the outcome of industrial and manufacturing production and house prices data from the UK ahead in the day.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
