GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.11% against the USD and closed at 1.5218.
Yesterday, the BoE Governor, Mark Carney mentioned that wage growth in the nation was improving. He also praised the ECB for its recent economic measures to revive the Euro-zone economy.
In the Asian session, at GMT0400, the pair is trading at 1.5243, with the GBP trading 0.16% higher from yesterday’s close.
Earlier today, the BRC reported that retail sales across all sectors in the UK advanced 0.20% on a YoY basis in January, compared to a drop of 0.40% in the previous month. Market expectations were for it to rise 0.50%.
The pair is expected to find support at 1.5206, and a fall through could take it to the next support level of 1.5169. The pair is expected to find its first resistance at 1.5274, and a rise through could take it to the next resistance level of 1.5305.
Going forward, market participants would keep a tab on the NIESR GDP estimate in the UK, scheduled later today. Additionally, traders would also look at the nation’s industrial as well as manufacturing production data, scheduled in few hours.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
