GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose slightly against the USD and closed at 1.5221, after the annual retail sales data in the UK exceeded market forecasts, adding to evidence that the UK economic recovery is gaining traction.
In the Asian session, at GMT0300, the pair is trading at 1.5232, with the GBP trading modestly higher from yesterday’s close.
The pair is expected to find support at 1.5176, and a fall through could take it to the next support level of 1.5121. The pair is expected to find its first resistance at 1.5269, and a rise through could take it to the next resistance level of 1.5307.
Trading trends in the pair today are expected to be determined by public sector net borrowing data from the UK.
The currency pair is trading above its 20 Hr and its 50 Hr moving averages.
