GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.18% against the USD and closed at 1.3070.
On the data front, UK’s Halifax house price index rose 0.1% on a monthly basis in April, at par with market consensus. In the prior month, the index has recorded a fall of 1.6%.
In the Asian session, at GMT0300, the pair is trading at 1.3077, with the GBP trading 0.05% higher against the USD from yesterday’s close.
Overnight data indicated that Britain’s BRC retail sales across all sectors climbed 3.7% on an annual basis in April, compared to a drop of 1.1% in the previous month. Market participants had expected the BRC retail sales to register an advance of 2.5%.
The pair is expected to find support at 1.3034, and a fall through could take it to the next support level of 1.2992. The pair is expected to find its first resistance at 1.3125, and a rise through could take it to the next resistance level of 1.3174.
Going forward, traders would keep an eye on UK’s RICS house price balance for April, slated to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
