GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.79% against the USD and closed at 1.5639, as a better-than-expected UK retail sales data instilled investor confidence in the British economy. Retail sales volume in UK advanced 3.0% (YoY) in July, against the expected rise of 2.4% and following a revised rise of 1.9% recorded in June.
In the Asian session, at GMT0300, the pair is trading at 1.5633, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.5546, and a fall through could take it to the next support level of 1.5460. The pair is expected to find its first resistance at 1.5686, and a rise through could take it to the next resistance level of 1.5740.
In the absence of any major economic event in the UK, trading in the pair shall be determined by general market trends.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
