GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 4.61% against the USD and closed at 1.2427.
On the macro front, Britain’s CBI distributive trade survey’s retail sales balance dropped to -55.0% in April, registering biggest its fall since December 2008 and compared to -3.0% in the prior month. Additionally, the BRC shop price index declined 1.7% on a yearly basis in March, registering biggest its fall since December 2008 and compared to a fall of 0.8% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.2473, with the GBP trading 0.37% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2412, and a fall through could take it to the next support level of 1.2351. The pair is expected to find its first resistance at 1.2526, and a rise through could take it to the next resistance level of 1.2579.
Amid lack of macroeconomic releases in the UK today, investor sentiment would be determined by global macroeconomic factors.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
