GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP traded tad higher against the USD and closed at 1.6724.
In economic news, the BRC reported that shopper numbers in the UK declined by 0.6% in July, compared to a fall of 0.7% in June, on an annual basis. Meanwhile, Lloyds Bank reported that the consumer confidence in the Britain rose to a 4-year high, registering a reading of 147.0 in July, after taking a slight dip in June.
In the Asian session, at GMT0300, the pair is trading at 1.6721, with the GBP trading tad lower from yesterday’s close.
The pair is expected to find support at 1.6710, and a fall through could take it to the next support level of 1.6698. The pair is expected to find its first resistance at 1.6736, and a rise through could take it to the next resistance level of 1.6750.
Going forward, investors today would look for the UK’s consumer prices data, scheduled in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
