GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP traded marginally higher against the USD and closed at 1.6786.
In economic news, the CB leading economic index in the UK rose at a faster rate in June, recording a rise of 0.6% in June, on monthly basis, following a 0.5% increase a month earlier. Additionally, Lloyds employment confidence in the UK soared to a level of 6.0 in July, from prior month’s level of 1.0.
In the Asian session, at GMT0300, the pair is trading at 1.6772, with the GBP trading 0.08% lower from yesterday’s close.
Early in the morning, BRC indicated that the retail sales in the UK unexpectedly dropped 0.3%, on annual basis, compared to market expectations for a 0.9% rise. In the previous month, retail sales across all sectors fell 0.8%.
The pair is expected to find support at 1.6762, and a fall through could take it to the next support level of 1.6751. The pair is expected to find its first resistance at 1.679, and a rise through could take it to the next resistance level of 1.6807.
Amid lack of economic releases from Britain today, investors would look at Britain’s ILO unemployment rate, scheduled for release tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
