GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.11% against the USD and closed at 1.5161, as UK’s realized sales data disappointed investors.
In the UK’s economic news, the Confederation of British Industry (CBI) in its monthly Distributive Trade Survey reported that retail sales balance remained flat in March from 8.0% recorded in the previous month. Market had expected retail sales balance to rise to 13.0% in March.
In the Asian session, at GMT0400, the pair is trading at 1.5151, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.5121, and a fall through could take it to the next support level of 1.5092. The pair is expected to find its first resistance at 1.5194, and a rise through could take it to the next resistance level of 1.5238.
The UK is to release its final data on the Q4 economic growth, wherein investors forecast the economy to remain stable. Separately, a government report on UK’s current account is expected to record a deficit in the Q4.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
