GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.76% against the USD and closed at 1.4013 on Friday, after data showed that UK’s retail sales came in worse-than-expected in January. Britain’s retail sales grew at a slower than expected pace of 0.1% on a monthly basis in December, as a rise in inflation weighed on consumer spending. Retail sales had registered a revised drop of 1.4% in the prior month, while markets were anticipating for a gain of 0.5%.
In the Asian session, at GMT0400, the pair is trading at 1.4040, with the GBP trading 0.19% higher against the USD from Friday’s close.
Overnight data showed that UK’s Rightmove house price index rose 0.80% on a monthly basis in February, after recording a gain of 0.7% in the previous month.
The pair is expected to find support at 1.3976, and a fall through could take it to the next support level of 1.3913. The pair is expected to find its first resistance at 1.4124, and a rise through could take it to the next resistance level of 1.4209.
With no major macroeconomic releases in the UK today, investor sentiment would be determined by global macroeconomic news.
The currency pair is showing convergence with its 20 Hr and trading below its 50 Hr moving average.
