GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.20% against the USD and closed at 1.5687.
In economic news, the Confederation of British Industry (CBI) in its Distributive Trades Survey indicated that the retail sales balance in the UK declined to -22.0 in January, marking the lowest level since March 2009.
Meanwhile, the UK Chancellor, George Osborne, insisted that the government would not abandon its austerity plans, adding that the economic contraction was on account “of what’s happening in the world and what’s happening in the Euro-zone crisis”.
In the Asian session, at GMT0400, the pair is trading at 1.5677, with the GBP trading 0.06% lower from yesterday’s close.
The pair is expected to find support at 1.5641, and a fall through could take it to the next support level of 1.5606. The pair is expected to find its first resistance at 1.5724, and a rise through could take it to the next resistance level of 1.5771.
The currency pair is trading between its 20 Hr and its 50 Hr moving averages.
