GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.29% against the USD and closed at 1.5880, on the back of upbeat UK retail sales figures in May.
Yesterday’s data showed that retail sales unexpectedly rose 0.2% MoM in May, following a revised 0.8% increase registered in the previous month, while markets were expecting it to fall 0.2%.
In the Asian session, at GMT0300, the pair is trading at 1.5893, with the GBP trading 0.09% higher from yesterday’s close.
The pair is expected to find support at 1.5822, and a fall through could take it to the next support level of 1.5751. The pair is expected to find its first resistance at 1.5948, and a rise through could take it to the next resistance level of 1.6002.
Going forward, investors will keep an eye on the UK government’s borrowing report for May, scheduled for release in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
