GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.36% against the USD and closed at 1.2377 on Friday.
On the data front, UK’s retail sales dropped 1.9% on a monthly basis in December, declining by the most in almost five-years. Retail sales recorded a revised drop of 0.1% in the previous month, while markets were expecting for a fall of 0.1%.
In the Asian session, at GMT0400, the pair is trading at 1.2426, with the GBP trading 0.4% higher against the USD from Friday’s close.
The pair is expected to find support at 1.2309, and a fall through could take it to the next support level of 1.2191. The pair is expected to find its first resistance at 1.2494, and a rise through could take it to the next resistance level of 1.2561.
Amid a lack of economic releases in UK today, investor sentiment would be governed by global macroeconomic news.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
