GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.40% against the USD on Friday and closed at 1.5551, after the Office for National Statistics reported that the UK retail rose 0.6% (MoM) in December, following a revised 0.5% drop in November.
Meanwhile, Bank of England policymaker, Ben Broadbent stated that the economy is broadly flat and growth is likely to be volatile for much of 2012.
In the Asian session, at GMT0400, the pair is trading at 1.5544, with the GBP trading 0.05% lower from Friday’s close.
The pair is expected to find support at 1.5470, and a fall through could take it to the next support level of 1.5397. The pair is expected to find its first resistance at 1.5598, and a rise through could take it to the next resistance level of 1.5652.
With no key UK economic releases in the day ahead, GBP is expected to ride on general market cues against the greenback.
The currency pair is trading above its 20 Hr and its 50 Hr moving averages.
