GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.49% against the USD and closed at 1.2963, as investors remained concerned over Brexit uncertainties.
Separately, data showed that British retail sales rose 0.6% MoM in June, topping market expectations for an advance of 0.4%, thus dispelling some concerns over the outlook for consumer spending that has faltered in the recent months. Retail sales had registered a revised drop of 1.1% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.2963, with the GBP trading flat against the USD from yesterday’s close.
The pair is expected to find support at 1.2920, and a fall through could take it to the next support level of 1.2877. The pair is expected to find its first resistance at 1.3019, and a rise through could take it to the next resistance level of 1.3075.
Moving ahead, investors will keep a close watch on UK’s public sector net borrowing data for June, slated to release in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
