GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.53% against the USD and closed at 1.4904. However, losses in the Pound were trimmed, on the back of upbeat retail sales in the UK.
Data showed that UK’s retail sales rose more-than-expected by 1.7% MoM in November, compared to a revised fall of 0.5% in the previous month,and defying investor expectations for it to climb 0.6%.
In the Asian session, at GMT0400, the pair is trading at 1.491, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.4847, and a fall through could take it to the next support level of 1.4783. The pair is expected to find its first resistance at 1.4992, and a rise through could take it to the next resistance level of 1.5074.
Amid no economic releases in UK today, investors will look forward to the nation’s Q3 GDP, Gfk consumer confidence index, public sector net borrowing and BBA mortgage approvals data, all scheduled to be released next week.
The currency pair is showing convergence with its 20 Hr and is trading below its 50 Hr moving average.
