GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.54% against the USD and closed at 1.3016 on Friday, on the back of dismal UK retail sales data.
On the macro front, UK’s retail sales unexpectedly fell by 0.6% on a monthly basis in December, suggesting weak consumer spending and defying market expectations for a rise of 0.7% and compared to a revised decline of 0.8% in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.3004, with the GBP trading 0.09% lower against the USD from Friday’s close.
Overnight data showed that the Rightmove house price index climbed 2.3% on a monthly basis in January. The index had recorded a drop of 0.9% in the prior month.
The pair is expected to find support at 1.2959, and a fall through could take it to the next support level of 1.2915. The pair is expected to find its first resistance at 1.3083, and a rise through could take it to the next resistance level of 1.3163.
Amid lack of macroeconomic releases in the UK today, investor sentiment would be determined by global macroeconomic factors.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
