GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.48% against the USD and closed at 1.5071.
In economic news, the UK’s CBI distributive trade survey’s retail sales balance fell to a level of 39.0% in January, compared to market expectations of a drop to 32.0%. In the prior month, retail sales balance had registered a level of 61.0%. Meanwhile, Britain’s Nationwide house prices rose 0.3% on a MoM basis in January, higher than prior month’s 0.2% advance.
In the Asian session, at GMT0400, the pair is trading at 1.5072, with the GBP trading a tad higher from yesterday’s close.
Early morning data indicated, that the UK’s Gfk consumer confidence climbed to a 5-month high of 1.0 in January, up from December’s reading of -4.0. Markets were expecting it to rise to a level of -2.0.
The pair is expected to find support at 1.5006, and a fall through could take it to the next support level of 1.494. The pair is expected to find its first resistance at 1.5151, and a rise through could take it to the next resistance level of 1.5230.
Trading trends in the Pound today are expected to be determined by Britain’s mortgage approvals along with net consumer credit data, scheduled in few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
