GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.72% against the USD and closed at 1.4228.
In economic news, UK’s BRC retail sales monitor across all sectors declined by 0.7% YoY in March, its biggest drop since August 2015, adding to worries that the nation’s economy is losing steam. Investors were expecting it to advance by 1.4%, following a 0.1% rise in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.4233, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.4131, and a fall through could take it to the next support level of 1.4030. The pair is expected to find its first resistance at 1.4311, and a rise through could take it to the next resistance level of 1.4388.
Moving ahead, market participants await the release of Britain’s consumer price index data for March, due in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
