GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 1.27% against the USD and closed at 1.6149, as an upbeat rise in the UK retail sales during September bolstered investors’ confidence in the recovery of the Britain economy.
An official data showed that the retail sales in the UK advanced 0.6% (MoM) in September, surpassing analysts’ call for a 0.4% rise and compared to a drop of 0.8% registered in the previous month. Similarly, retail sales ex-fuel also rose more-than-expected 0.7% (MoM) in the month of September, following a 0.8% fall witnessed in the preceding month.
In the Asian session, at GMT0300, the pair is trading at 1.6148, with the GBP trading tad lower from yesterday’s close.
The pair is expected to find support at 1.6021, and a fall through could take it to the next support level of 1.5895. The pair is expected to find its first resistance at 1.6224, and a rise through could take it to the next resistance level of 1.6301.
Traders are monitoring global economic news for further guidance in the pair amid a lack of economic releases from the UK.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
