GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.72% against the USD and closed at 1.2558.
In the Asian session, at GMT0300, the pair is trading at 1.2547, with the GBP trading 0.09% lower against the USD from yesterday’s close.
Overnight data showed that UK’s BRC like-for-like retail sales jumped 10.9% on a yearly basis in June, recording its sharpest rise since 2018 and compared to a rise of 7.9% in the prior month.
The pair is expected to find support at 1.2501, and a fall through could take it to the next support level of 1.2456. The pair is expected to find its first resistance at 1.2629, and a rise through could take it to the next resistance level of 1.2712.
Going ahead, traders would keep a watch on UK’s trade balance, industrial production, manufacturing production and gross domestic product (GDP), all for May, slated to release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
