GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.14% against the USD and closed at 1.6115, after the CBI reported that the UK retail sales held steady at 31.0 in October, higher than market expectations for a fall to 25.0.
Yesterday, the BoE’s Deputy Governor, Minouche Shafik stated that there is still some slack remaining in the UK labour market and that the central bank needs to consider more economic data before raising its interest rates from ultra-low levels.
In the Asian session, at GMT0400, the pair is trading at 1.6129, with the GBP trading 0.09% higher from yesterday’s close.
The pair is expected to find support at 1.6095, and a fall through could take it to the next support level of 1.6061. The pair is expected to find its first resistance at 1.6156, and a rise through could take it to the next resistance level of 1.6183.
Amid lack of economic releases from the UK today, investor sentiments would be governed by global macroeconomic news.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
