GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.16% against the USD and closed at 1.2937.
In economic news, UK’s Halifax house prices unexpectedly dropped 0.1% in April, compared to market consensus for a rise of 0.1%. In the previous month, house prices had registered a flat reading.
In the Asian session, at GMT0300, the pair is trading at 1.294, with the GBP trading slightly higher against the USD from yesterday’s close.
Overnight data revealed that the nation’s BRC retail sales across all sectors advanced 5.6% YoY in April, compared to a drop of 1.0% in the prior month, while market participants were anticipating for a gain of 0.5%.
The pair is expected to find support at 1.2916, and a fall through could take it to the next support level of 1.2893. The pair is expected to find its first resistance at 1.2974, and a rise through could take it to the next resistance level of 1.3009.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
