GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.88% against the USD and closed at 1.4082, after the Bank of England’s (BoE) Governor, Mark Carney, casted doubt over the possibility of another interest rate hike next month.
Losses in the Pound were extended further, after data revealed that UK’s retail sales sharply retreated in March.
Britain’s retail sales slid 1.2% on a monthly basis in March, amid unusually cold weather. Retail sales had registered a gain of 0.8% in the prior month, while markets were expecting for a fall of 0.6%.
In the Asian session, at GMT0300, the pair is trading at 1.4074, with the GBP trading 0.06% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.4013, and a fall through could take it to the next support level of 1.3953. The pair is expected to find its first resistance at 1.4190, and a rise through could take it to the next resistance level of 1.4307.
Amid no macroeconomic releases in Britain today, investors would focus on UK’s flash GDP figures as well as consumer confidence index, both scheduled to release next week.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
