Pound Trading Lower In The Asian Session
GCI Financial | Apr 24, 2015 02:03AM ET
For the 24 hours to 23:00 GMT, the GBP rose 0.10% against the USD and closed at 1.5052, as investors shrugged off downbeat UK retail sales data.
Data showed that Britain’s retail sales unexpectedly dropped 0.5% on a monthly basis in March, reversing market expectations for a 0.5% increase and compared to an advance of 0.6% recorded in the preceding month, thus adding to concerns that the nation’s economic growth slowed at the start of 2015.
Other economic data indicated that UK’s public sector net borrowing climbed to £6.70 billion in March, following a revised surplus of £4.80 billion in the prior month, while markets were expecting it to rise to £6.50 billion.
In the Asian session, at GMT0300, the pair is trading at 1.5033, with the GBP trading 0.13% lower from yesterday’s close.
The pair is expected to find support at 1.4971, and a fall through could take it to the next support level of 1.4909. The pair is expected to find its first resistance at 1.5084, and a rise through could take it to the next resistance level of 1.5134.
Amid no economic releases in the UK today, investor sentiment would be governed by global macroeconomic news.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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