GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.17% against the USD and closed at 1.6607, after an upbeat rise in the UK retail sales data fuelled optimism on the recovery of the nation’s economy. Data showed that retail sales in the UK economy rose 1.7% (MoM) in February, far beyond analysts’ expectations for a 0.5% rise and compared to a 2.0% drop registered in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.6621, with the GBP trading 0.08% higher from yesterday’s close.
Earlier today, the Gfk Group reported that consumer confidence in Britain improved more than market estimates in March to a level best seen since around the start of the financial crisis in 2007.
The pair is expected to find support at 1.6568, and a fall through could take it to the next support level of 1.6515. The pair is expected to find its first resistance at 1.6661, and a rise through could take it to the next resistance level of 1.6701.
Later today, the National Statistics is scheduled to publish a report on the UK’s GDP, which is widely expected to register a 2.7% year-on-year rise in the fourth quarter.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
