GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.39% against the USD and closed at 1.5477.
With no major economic events yesterday, the Pound traded on general market cues.
In the Asian session, at GMT0300, the pair is trading at 1.5480, with the GBP trading marginally higher from yesterday’s close.
Earlier, the British Retail Consortium (BRC) reported that retail sales in the UK dropped unexpectedly by 2.2% (YoY) in April, compared to a 1.9% growth recorded in the previous month. Market had expected a rise of 1.8%.
The pair is expected to find support at 1.5434, and a fall through could take it to the next support level of 1.5387. The pair is expected to find its first resistance at 1.5539, and a rise through could take it to the next resistance level of 1.5597.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
