GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.18% against the USD and closed at 1.5856.
In the UK, the Confederation of British Industry (CBI) reported that retail sales balance unexpectedly fell to the reading of -3 in August, from the reading of 11.0 in July. Additionally, the number of mortgages approved for house purchases in July rose to 28,441 from 25,940 in June, and against the market forecast of 27,250.
In the Asian session, at GMT0300, the pair is trading at 1.5861, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.5839, and a fall through could take it to the next support level of 1.5816. The pair is expected to find its first resistance at 1.5898, and a rise through could take it to the next resistance level of 1.5934.
Investors are keenly eyeing the UK gross domestic product (GDP) data in the day ahead, which is expected to show a contraction of 0.5% (QoQ) in the second quarter of 2012.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
