GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP marginally rose against the USD and closed at 1.6622, amid lingering speculation that strong recovery in the UK economy could facilitate an interest rate hike sooner-than-expected. However, the gains in the Pound were capped after the US Dollar pared its losses on the back of upbeat retail sales and jobless claims data.
In the Asian session, at GMT0400, the pair is trading at 1.6623, with the GBP trading slightly higher from yesterday’s close.
The pair is expected to find support at 1.6582, and a fall through could take it to the next support level of 1.6540. The pair is expected to find its first resistance at 1.6692, and a rise through could take it to the next resistance level of 1.6760.
Traders keenly await UK’s trade balance data, due later today, for further cues in the British Pound.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
