GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.19% against the USD and closed at 1.7089.
In the Asian session, at GMT0300, the pair is trading at 1.7079, with the GBP trading 0.06% lower from yesterday’s close.
Earlier today, the British Retail Consortium (BRC) reported that the retail sales growth in the UK decelerated in June to its weakest level since May 2011, citing fears of an interest rate hike in the nation.
The pair is expected to find support at 1.7051, and a fall through could take it to the next support level of 1.7023. The pair is expected to find its first resistance at 1.7126, and a rise through could take it to the next resistance level of 1.7173.
Investors would keep a close eye on a slew of economic releases slated today, especially the crucial inflation data.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
