GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.53% against the USD and closed at 1.5392.
Yesterday, data indicated that UK’s CBI distributive trade survey’s retail sales balance rose to a level of 51.00% in May, higher than market expectations of an advance to a level of 20.00%. In the previous month, retail sales balance had registered a level of 12.00%.
In the Asian session, at GMT0300, the pair is trading at 1.5388, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.5341, and a fall through could take it to the next support level of 1.5295. The pair is expected to find its first resistance at 1.5447, and a rise through could take it to the next resistance level of 1.5506.
Going forward, the revised reading of UK’s first quarter GDP scheduled tomorrow is likely to attract significant market attention.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
