GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.46% against the USD and closed at 1.5117.
Yesterday, the Organisation for Economic Co-operation and Development (OECD), predicted the British economy to continue to grow at a “robust pace” in the next two years. It forecasted the UK economy to grow by 2.4% during 2015 and 2016 each, followed by a 2.3% growth in 2017, surpassing the rate of growth in the Euro-zone.
In the Asian session, at GMT0400, the pair is trading at 1.5114, with the GBP trading marginally lower from yesterday’s close.
Early morning data showed that UK’s retail sales growth across all sectors surprisingly fell by 0.2% YoY in October, recording its weakest growth since 2008, following a 2.6% rise in the previous month. Investors had expected it to increase 0.8%.
The pair is expected to find support at 1.5072, and a fall through could take it to the next support level of 1.5029. The pair is expected to find its first resistance at 1.5143, and a rise through could take it to the next resistance level of 1.5172.
Moving ahead, investors will look forward to Britain’s inflation report hearing, scheduled to be released in a few hours.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
