GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.51% against the USD and closed at 1.5577.
In economic front, UK’s retail sales rose 0.2% MoM, in line with consensus. Retail sales had registered a revised unchanged reading in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.5579, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.5500, and a fall through could take it to the next support level of 1.5421. The pair is expected to find its first resistance at 1.5644, and a rise through could take it to the next resistance level of 1.5708.
Amid no major economic event in the UK today, trading trends in the Pound would be driven by global macroeconomics news.
The currency pair is trading above 20 Hr and 50 Hr moving averages.
