GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.16% against the USD and closed at 1.2464.
In the Asian session, at GMT0400, the pair is trading at 1.2468, with the GBP trading a tad higher against the USD from yesterday’s close.
Overnight data indicated that UK’s BRC retail sales across all sectors unexpectedly eased 0.6% YoY in January, compared to market expectations for an advance of 0.9% and after recording a gain of 1.0% in the previous month.
The pair is expected to find support at 1.2428, and a fall through could take it to the next support level of 1.2389. The pair is expected to find its first resistance at 1.2502, and a rise through could take it to the next resistance level of 1.2537.
Moving ahead, market participants would await UK’s Halifax house prices data for January, set to release in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
