GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.09% against the USD and closed at 1.2795 on Friday, after disappointing retail sales data in Britain suggested that consumers are reigning in their spending amid a spike in inflation.
Data indicated that UK’s retail sales declined more-than-expected by 1.8% on a monthly basis in March, compared to a revised advance of 1.7% in the prior month, whereas market participants anticipated for a fall of 0.5%.
In the Asian session, at GMT0300, the pair is trading at 1.2790, with the GBP trading slightly lower against the USD from Friday’s close.
Overnight data showed that the nation’s Rightmove house prices rose 1.1% on a monthly basis in April, after registering an advance of 1.3% in the prior month.
The pair is expected to find support at 1.2754, and a fall through could take it to the next support level of 1.2718. The pair is expected to find its first resistance at 1.283, and a rise through could take it to the next resistance level of 1.287.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
