GBPUSD Movement
On Friday, GBP fell marginally against the USD and closed at 1.6801. However, earlier during the day, the British Pound advanced against its US counterpart after the National Statistics reported that retail sales in the UK posted a monthly gain of 0.1% in March, contradicting analysts’ expectations for a 0.4% drop. Separately, a report from the British Bankers Association (BBA) indicated that the number of mortgage approvals stood at 45,900 in March, the lowest level since November 2013.
In the Asian session, at GMT0300, the pair is trading at 1.6791, with the GBP trading 0.06% lower from Friday’s close.
The pair is expected to find support at 1.6768, and a fall through could take it to the next support level of 1.6745. The pair is expected to find its first resistance at 1.6823, and a rise through could take it to the next resistance level of 1.6855.
With no economic releases from the UK during the later course of the day, market participants are expected to keep a tab on global economic news for further cues in the currency pair. However, tomorrow’s first quarter GDP numbers from the UK would provide guidance on the pace of economic recovery in the nation.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
