Pound Trading Marginally Higher Ahead Of The BOE Governor’s Speech
GCI Financial | May 22, 2015 01:38AM ET
For the 24 hours to 23:00 GMT, the GBP rose 0.80% against the USD and closed at 1.5661, as Britain’s monthly retail sales bounced back strongly in April.
Data showed that retail sales in the UK climbed 1.2% on a monthly basis in April, registering its strongest increase since November and surpassing market expectations for a 0.2% rise.
In the Asian session, at GMT0300, the pair is trading at 1.5665, with the GBP trading a tad higher from yesterday’s close.
The pair is expected to find support at 1.5559, and a fall through could take it to the next support level of 1.5454. The pair is expected to find its first resistance at 1.5736, and a rise through could take it to the next resistance level of 1.5807.
Going forward, market participants would keep a close eye on the BoE Governor, Mark Carney’s speech, scheduled later today for further cues.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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