GPBUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.32% against the USD and closed at 1.5815, after more-than-expected drop in the UK retail sales.
On a seasonally adjusted basis, retail sales dropped 0.8% (MoM) in February, against the market expectation of 0.5% decline.
In the Asian session, at GMT0400, the pair is trading at 1.5819, with the GBP trading steady from yesterday’s close.
This morning, consumer confidence in the UK fell to 44.0 in February compared to a reading of 47.0 in the January.
The pair is expected to find support at 1.5762, and a fall through could take it to the next support level of 1.5706. The pair is expected to find its first resistance at 1.5884, and a rise through could take it to the next resistance level of 1.5949.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
