GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.29% against the USD and closed at 1.2928.
On the data front, UK’s CBI distributive trades survey realised rose to 4.0% in July, hitting its highest level since April 2019 and compared to -37.0% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.2924, with the GBP trading marginally lower against the USD from yesterday’s close.
Overnight data showed that UK’s BRC shop price index fell 1.3% on a yearly basis in June, compared to a fall of 1.6% in the previous month.
The pair is expected to find support at 1.2857, and a fall through could take it to the next support level of 1.2790. The pair is expected to find its first resistance at 1.2972, and a rise through could take it to the next resistance level of 1.3020.
Going forward, traders would keep a watch on UK’s consumer credit and mortgage approvals, both for June, slated to release in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
