GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose marginally against the USD and closed at 1.5686, after the CBI monthly total order book balance unexpectedly improved to -1 from -10 in July. Meanwhile, Britain’s retail sales rose lesser than expected by 0.10% MoM in July, compared to a revised 0.10% fall in June and expectations for a 0.40% rise.
In the Asian session, at GMT0300, the pair is trading at 1.5693, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.5632, and a fall through could take it to the next support level of 1.5572. The pair is expected to find its first resistance at 1.5727, and a rise through could take it to the next resistance level of 1.5762.
Trading trends in the Pound today are expected to be determined by public sector net borrowing for July, scheduled to release in the next few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
