GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.61% against the USD and closed at 1.3020, after UK’s retail sales retreated 0.8% on a monthly basis in September, higher than market anticipation for a fall of 0.4%. Retail sales had recorded a revised rise of 0.4% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3024, with the GBP trading a tad higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2983, and a fall through could take it to the next support level of 1.2942. The pair is expected to find its first resistance at 1.3098, and a rise through could take it to the next resistance level of 1.3172.
Moving ahead, investors await UK’s public sector net borrowing for September, set to release in a few hours, along with Bank of England’s Governor Mark Carney speech, due later in the day.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
