GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.47% against the USD and closed at 1.5342.
Yesterday, the BRC indicated that retail sales across all sectors in the UK remained flat on an annual basis in May, less than market expectations for an advance of 1.20% and following a drop of 2.40%.
In the Asian session, at GMT0300, the pair is trading at 1.5359, with the GBP trading 0.11% higher from yesterday’s close.
The pair is expected to find support at 1.5265, and a fall through could take it to the next support level of 1.5171. The pair is expected to find its first resistance at 1.5409, and a rise through could take it to the next resistance level of 1.5459.
Going forward, Britain’s trade balance as well as the BoE’s inflation report, scheduled in a few hours will grab lot of market attention.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
