GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.19% against the USD and closed at 1.5388, as Britain’s retail sales soared in September from August.
Data showed that the nation’s retail sales were up 1.7% MoM, recording its biggest increase since December 2013 in September and exceeding market forecasts for an increase of 0.4%, compared to a revised decline of 0.7% in the previous month. The gain in retail sales numbers strengthened hopes that the UK economy can weather an interest rate hike by the BoE.
In the Asian session, at GMT0300, the pair is trading at 1.5407, with the GBP trading 0.12% higher from yesterday’s close.
The pair is expected to find support at 1.5347, and a fall through could take it to the next support level of 1.5288. The pair is expected to find its first resistance at 1.5488, and a rise through could take it to the next resistance level of 1.5569.
Amid no economic data in the UK today, the preliminary estimate of third quarter UK GDP, scheduled next week would keep investors on their toes.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
