GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.21% against the USD and closed at 1.4852 as mounting geopolitical fears in Middle East overshadowed positive UK retail sales.
In economic news, retail sales in the UK rose 0.7% on a monthly basis, marking its fastest pace of growth in 3-months in February and beating market expectations for an advance of 0.4%. It had registered a revised increase of 0.1% in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.4848, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.4771, and a fall through could take it to the next support level of 1.4694. The pair is expected to find its first resistance at 1.4961, and a rise through could take it to the next resistance level of 1.5074.
Going forward, investors would closely monitor various speeches from the BoE officials, scheduled in a few hours, to get further cues.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
