GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.08% against the USD and closed at 1.5489.
In the Asian session, at GMT0300, the pair is trading at 1.5487, with the GBP trading marginally lower from yesterday’s close.
Overnight data showed that Britain’s retail sales across all sectors rose more than expected by 1.80% YoY in June, more than market expectations for an advance of 0.50%.
The pair is expected to find support at 1.5442, and a fall through could take it to the next support level of 1.5398. The pair is expected to find its first resistance at 1.5561, and a rise through could take it to the next resistance level of 1.5636.
Going forward, market participants would particularly focus on UK’s June consumer price inflation data, scheduled in a few hours to get better insights of the UK economy.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
