For the 24 hours to 23:00 GMT, the GBP marginally rose against the USD and closed at 1.4600, after UK’s retail sales rebounded above expectations in April.
Data showed that retails sales in Britain rose 1.5% MoM in April, as consumers shrugged off Brexit jitters. Investors had expected retail sales to advance 0.7%, following a similar rate of decline in the previous month.
Separately, the Bank of England (BoE) policymaker, Gertjan Vlieghe, warned that the BoE may need to inject additional stimulus into the UK, even if the nation votes to stay in the European Union, given the underlying weakness in the economy.
In the Asian session, at GMT0300, the pair is trading at 1.4592, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.4547, and a fall through could take it to the next support level of 1.4502. The pair is expected to find its first resistance at 1.4649, and a rise through could take it to the next resistance level of 1.4706.
Amid no economic release in UK today, investors will look forward to release of the nation’s preliminary GDP and consumer confidence data, due in the next week.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.