GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.11% against the USD and closed at 1.5167, after Britain’s Lloyd’s employment confidence index declined to -2.0 in December, from previous month’s level of 1.0.
In the Asian session, at GMT0400, the pair is trading at 1.5175, with the GBP trading marginally higher from yesterday’s close.
Earlier today, the BRC reported that UK retail sales across all sectors unexpectedly fell 0.4% on a YoY basis in December, significantly worse than market expectations for an advance of 1.0% and compared to a rise of 0.9% recorded in November.
The pair is expected to find support at 1.5118, and a fall through could take it to the next support level of 1.5061. The pair is expected to find its first resistance at 1.5213, and a rise through could take it to the next resistance level of 1.5251.
Going forward, investors would keep a tab on the UK’s consumer price inflation report, set for release in few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
