GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.23% against the USD and closed at 1.2883, on hopes that Conservatives would win a majority in the December election and finally break the deadlock surrounding Brexit.
In economic news, UK’s retail sales unexpectedly declined 0.1% on a monthly basis in October, compared to a flat reading in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.2879, with the GBP trading marginally lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2840, and a fall through could take it to the next support level of 1.2801. The pair is expected to find its first resistance at 1.2903, and a rise through could take it to the next resistance level of 1.2927.
Moving ahead, investors would closely monitor UK’s Rightmove house prices index and public sector net borrowing, both set to release next week.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
