Pound Trading Lower Ahead Of The UK Consumer Inflation Data
GCI Financial | Apr 15, 2014 03:09AM ET
For the 24 hours to 23:00 GMT, GBP fell marginally against the USD and closed at 1.6727. However, the losses in the British Pound were limited after the Rightmove Plc reported that house prices in the UK economy increased to an all-time high in April. Meanwhile, the greenback advanced following an official report that showed retail sales in the US posted its biggest gain in 1-1/2 years in March.
In the Asian session, at GMT0300, the pair is trading at 1.6716, with the GBP trading 0.07% lower from yesterday’s close.
Earlier today, the British Retail Consortium (BRC) reported that like-for-like retail sales in the UK fell 1.7% (YoY) for the second consecutive month in March while its total sales monitor fell 0.3% (YoY) for the first time since April 2013.
The pair is expected to find support at 1.6693, and a fall through could take it to the next support level of 1.6670. The pair is expected to find its first resistance at 1.6742, and a rise through could take it to the next resistance level of 1.6768.
Market participants keenly await the release of the UK’s consumer inflation data, for further cues in the Pound.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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