GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.70% against the USD and closed at 1.5130.
In economic news, UK’s Confederation of British Industry (CBI), in its monthly Distributive Trade Survey, reported that retail sales balance retreated to -11.0 in May, from -1.0 registered in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.5140, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.5050, and a fall through could take it to the next support level of 1.4960. The pair is expected to find its first resistance at 1.5188, and a rise through could take it to the next resistance level of 1.5236.
Later today, UK’s Nationwide housing prices is scheduled for release, which is expected to post a monthly rise in May. In a separate release, investors hope for an improvement in the Gfk consumer confidence data.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
