GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.17% against the USD and closed at 1.5865, as disappointing US economic data weighed on the greenback. However, a drop in UK retail sales limited gains.
The Office for National Statistics (ONS) reported that on a month-on-month basis, retail sales in the UK declined 0.8% in October, following a revised 0.5% rise recorded in September. Market had expected retail sales to fall 0.1% MoM in October.
In the Asian session, at GMT0400, the pair is trading at 1.5860, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.5833, and a fall through could take it to the next support level of 1.5806. The pair is expected to find its first resistance at 1.5883, and a rise through could take it to the next resistance level of 1.5907.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
