GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 1.02% against the USD and closed at 1.3353.
In economic news, UK’s CBI distributive trade survey’s retail sales balance dropped to a level of 4.0 in June, from a reading of 7.0 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3317, with the GBP trading 0.27% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.3243, and a fall through could take it to the next support level of 1.3168. The pair is expected to find its first resistance at 1.3405, and a rise through could take it to the next resistance level of 1.3492.
Going ahead, market participants will look forward to Britain’s mortgage approvals and consumer credit data, both for the month of May, due in a few hours, along with the nation’s GfK consumer confidence index data for June, scheduled to release later today.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
