GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.82% against the USD and closed at 1.2535.
On the data front, UK’s retail sales unexpectedly rose 1.0% on a monthly basis in June, defying market expectations for a fall of 0.3%. In the prior month, retail sales had recorded a revised drop of 0.6%.
In the Asian session, at GMT0300, the pair is trading at 1.2554, with the GBP trading 0.15% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2471, and a fall through could take it to the next support level of 1.2389. The pair is expected to find its first resistance at 1.2597, and a rise through could take it to the next resistance level of 1.2641.
Trading trend in the Sterling today, is expected to be determined by UK’s public sector net borrowing for June, scheduled to release in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
