GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.55% against the USD and closed at 1.4424.
In the Asian session, at GMT0400, the pair is trading at 1.4423, with the GBP trading marginally lower from yesterday’s close.
Early this morning, data showed that UK’s BRC retail sales monitor rose more-than-expected by 2.6% on a yearly basis in January, from a gain of 0.1% in the preceding month. Market consensus was for it to register a rise of 0.3%.
The pair is expected to find support at 1.4333, and a fall through could take it to the next support level of 1.4244. The pair is expected to find its first resistance at 1.4530, and a rise through could take it to the next resistance level of 1.4638.
Looking forward, market participants will keep a close watch on UK’s total trade balance data for December, slated to release in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
