GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.3% against the USD and closed at 1.2252, after UK’s retail sales came in flat on a monthly basis in September, following a similar revised flat reading in the prior month whereas markets expected it to climb by 0.4%.
In the Asian session, at GMT0300, the pair is trading at 1.2236, with the GBP trading 0.13% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2197, and a fall through could take it to the next support level of 1.2157. The pair is expected to find its first resistance at 1.2287, and a rise through could take it to the next resistance level of 1.2337.
Going ahead, investors would closely monitor UK’s public sector net borrowing for September, slated to release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
