GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 1.75% against the USD and closed at 1.2767, after Brexit Secretary, Dominic Raab and two other ministers resigned over Prime Minister, Theresa May’s draft Brexit deal.
Data indicated that UK’s retail sales unexpectedly eased 0.5% on a monthly basis in October, for the second consecutive month and defying market expectations for a gain of 0.2%. In the previous month, retail sales had dropped by a revised 0.4%.
In the Asian session, at GMT0400, the pair is trading at 1.2793, with the GBP trading 0.20% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2668, and a fall through could take it to the next support level of 1.2543. The pair is expected to find its first resistance at 1.2974, and a rise through could take it to the next resistance level of 1.3155.
Amid no major economic news in the UK today, investor sentiment will be determined by global macroeconomic news.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
