GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.4% against the USD and closed at 1.3033.
On the data front, UK’s BRC retail sales across all sectors unexpectedly rebounded by 1.1% YoY in July, compared to a fall of 0.5% in the previous month and defying market consensus for it to drop by 0.7%.
In the Asian session, at GMT0300, the pair is trading at 1.2986, with the GBP trading 0.36% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2944, and a fall through could take it to the next support level of 1.2903. The pair is expected to find its first resistance at 1.3058, and a rise through could take it to the next resistance level of 1.3131.
Investors this afternoon, would closely monitor a series of influential data releases in the UK, consisting of industrial production, manufacturing production and total trade balance figures, along with the NIESR GDP estimate data due later in the day.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
