GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 5.06% against the USD and closed at 1.2369 on Friday, following disappointing retail sales data.
On the data front, UK’s retail sales slid 5.1% on a monthly basis in March, amid plunge in sales of clothing and most other goods due to lockdown and more than market forecast for drop of 4.0%. In the previous month, retail sales had recorded a fall of 0.3%.
In the Asian session, at GMT0300, the pair is trading at 1.2389, with the GBP trading 0.16% higher against the USD from Friday’s close.
The pair is expected to find support at 1.2322, and a fall through could take it to the next support level of 1.2255. The pair is expected to find its first resistance at 1.2432, and a rise through could take it to the next resistance level of 1.2475.
With no macroeconomic releases in Britain today, investor sentiment would be governed by global macroeconomic events.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
