GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.76% against the USD and closed at 1.6367.
In the UK, the Nationwide’s consumer confidence index retreated to 49.0 in July, compared to 51.0 in June.
The pair opened the Asian session at 1.6367, and is trading at 1.6358 at 3.00GMT. The pair is trading marginally lower from yesterday’s close at 23:00 GMT, after the UK Nationwide Consumer Confidence Index fell to a three-month low.
The pair has its first short term resistance at 1.6485, followed by the next resistance at 1.6603. The first support is at 1.6299, with the subsequent support at 1.6231.
The pair is expected to trade on the cues from the release of CBI distributive trades survey data in the UK.
The currency pair is trading below its 20 Hr and its 50 Hr moving averages.
