GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.5% against the USD and closed at 1.4295.
In economic news, UK’s retail sales fell more than expected by 0.9% MoM in December, after recording a revised gain of 1.3% in the previous month and compared to market expectation of a decline of 0.3%.
Other economic data showed that the public sector net borrowing in the UK posted a surplus £6.90 billion in December, following a revised surplus of £12.90 billion in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.4307, with the GBP trading 0.08% higher from Friday’s close.
The pair is expected to find support at 1.4220, and a fall through could take it to the next support level of 1.4133. The pair is expected to find its first resistance at 1.4379, and a rise through could take it to the next resistance level of 1.4450.
With no major economic releases in UK today, trading trends in the pair today are expected to be determined by global microeconomic news.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
