GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.16% against the USD and closed at 1.2874.
Macroeconomic data revealed that Britain’s retail sales advanced above market expectations by 0.3% on a monthly basis in July, driven by strong sales in food. Retail sales had registered a revised similar rise in the prior month, while markets anticipated for a gain of 0.2%.
In the Asian session, at GMT0300, the pair is trading at 1.2886, with the GBP trading 0.09% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2856, and a fall through could take it to the next support level of 1.2827. The pair is expected to find its first resistance at 1.2912, and a rise through could take it to the next resistance level of 1.2939.
With no economic releases in the UK today, investors will keep a close watch on Britain’s 2Q GDP report, slated to release next week, to gauge strength in the nation’s economy.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
