For the 24 hours to 23:00 GMT, the GBP declined 0.45% against the USD and closed at 1.3016, amid disappointing retail sales data.
Data revealed that UK’s retail sales unexpectedly fell 0.5% on a monthly basis in June, compared to a revised rise of 1.4% in the previous month. Markets had anticipated retail sales to rise 0.2%.
In the Asian session, at GMT0300, the pair is trading at 1.3016, with the GBP trading flat against the USD from yesterday’s close.
The pair is expected to find support at 1.2955, and a fall through could take it to the next support level of 1.2895. The pair is expected to find its first resistance at 1.3079, and a rise through could take it to the next resistance level of 1.3143.
Looking ahead, investors will keep an eye on UK’s public-sector net borrowings for June, scheduled to release in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
Written by Admin
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