GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP finished flat against the USD and closed at 1.6985, amid lack of major economic releases in the UK economy.
However, later during the day, the Confederation of British Industry (CBI), in its monthly distributive trade survey, reported that its UK retail sales balance index declined to a reading of 4.0% in June, contradicting analysts’ call for a rise to 23.0%, from previous month’s reading of 16.0%.
In the Asian session, at GMT0300, the pair is trading at 1.6988, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.6958, and a fall through could take it to the next support level of 1.6929. The pair is expected to find its first resistance at 1.7011, and a rise through could take it to the next resistance level of 1.7035.
Looking ahead, market participants would keenly await a planned speech from BoE Governor, Mark Carney and the central bank’s financial stability report.
The currency pair is trading just above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
