GBPUSD Movement
On Friday, GBP fell 0.14% against the USD and closed at 1.6638 after data showed that the UK retail sales fell more-than-expected 1.5% (MoM) in January, the most since 2012 and compared to a 2.5% (MoM) rise registered in the previous month.
However, the British Pound managed to stem its losses after the nation posted a budget surplus in January. Government finances for January showed a surplus of £4.7 billion, from a £6.0 billion surplus recorded a year ago.
In the Asian session, at GMT0400, the pair is trading at 1.6644, with the GBP trading slightly higher from Friday’s close.
The pair is expected to find support at 1.6595, and a fall through could take it to the next support level of 1.6546. The pair is expected to find its first resistance at 1.6710, and a rise through could take it to the next resistance level of 1.6776.
Amid lack of economic releases in the UK, traders are expected to keep a tab on global economic data for further cues in the pair.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
