GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.16% against the USD and closed at 1.5793.
In the UK, the retail sales fell 0.2% in August, following a 0.2% rise in the previous month. Additionally, a survey by the Bank of England and GfK NOP indicated that inflation expectations for the year ahead in the UK rose to 4.2% in August, compared to inflation expectations of 3.9% in May.
The pair opened the Asian session at 1.5793, and is trading at 1.5799 at 3.00GMT. GBP is trading marginally higher versus USD from yesterday’s close at 23:00 GMT.
The pair has its first short term resistance at 1.5868, followed by the next resistance at 1.5937. The first support is at 1.5731, with the subsequent support at 1.5663.
The pair is expected to trade on the cues from the release of consumer confidence data in the UK.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
