GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.19% against the USD and closed at 1.2433.
Data showed that UK’s consumer price index (CPI) advanced 2.0% on an annual basis in June, in line with market expectations. In the preceding month, the CPI had recorded a similar rise. Moreover, the nation’s retail price index climbed 2.9% on an annual basis in June, meeting market expectations. The index had recorded a rise of 3.0% in the prior month.
Meanwhile, Britain’s house price index climbed 1.2% on an annual basis May, undershooting market consensus for a rise of 1.3%. The index had recorded a revised advance of 1.5% in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.2439, with the GBP trading 0.05% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2395, and a fall through could take it to the next support level of 1.2351. The pair is expected to find its first resistance at 1.2470, and a rise through could take it to the next resistance level of 1.2501.
Trading trend in the Sterling today, is expected to be determined by UK’s retail sales for June, slated to release in a few hours.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
