GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.83% against the USD and closed at 1.5034, after retail sales in the UK fell below market expectations, dropping 1.3% (MoM) in April, following a revised 0.6% fall recorded in the previous month. Also, the CBI industrial trends recorded a more-than-expected drop in the number of orders, albeit coming in better than the previous month. Separately, public sector net borrowing in the UK increased by £8.035 billion in April, from a revised £12.565 borrowed a month earlier.
In the Asian session, at GMT0300, the pair is trading at 1.5032, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.4975, and a fall through could take it to the next support level of 1.4919. The pair is expected to find its first resistance at 1.5127, and a rise through could take it to the next resistance level of 1.5223.
Markets today await the gross domestic product data, which is expected to show a rebound in the UK economy.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
