GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.10% against the USD and closed at 1.3547, following downbeat housing sector report from the UK.
Data indicated that UK’s Halifax house price index dipped more-than-anticipated by 3.1% MoM in April, dropping by the most in nearly 8 years and highlighting that housing demand has softened considerably in the second quarter of 2018. The index had recorded a revised rise of 1.6% in the prior month, while market participants had expected for a drop of 0.2%.
In the Asian session, at GMT0300, the pair is trading at 1.3532, with the GBP trading 0.11% lower against the USD from yesterday’s close.
Data released overnight showed that Britain’s BRC retail sales across all sectors fell 4.2% on an annual basis in April, higher than market expectations for a fall of 0.8%. Retail sales across all sectors had risen 1.4% in the prior month.
The pair is expected to find support at 1.3480, and a fall through could take it to the next support level of 1.3429. The pair is expected to find its first resistance at 1.3588, and a rise through could take it to the next resistance level of 1.3645.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
