HomeContributorsFundamental AnalysisGBP/USD: UK's Retail Sales Sharply Rebounded In February

GBP/USD: UK’s Retail Sales Sharply Rebounded In February

For the 24 hours to 23:00 GMT, the GBP rose 0.34% against the USD and closed at 1.2516, on upbeat British retail sales data.

Data revealed that Britain’s retail sales rebounded more-than-anticipated by 1.4% on a monthly basis in February, soothing fears of weaker consumer spending as the nation prepares to leave the European Union. Market expectation was for retail sales to rise 0.4%, compared to a revised drop of 0.5% in the prior month.

In the Asian session, at GMT0400, the pair is trading at 1.2489, with the GBP trading 0.22% lower against the USD from yesterday’s close.

The pair is expected to find support at 1.2455, and a fall through could take it to the next support level of 1.2422. The pair is expected to find its first resistance at 1.2526, and a rise through could take it to the next resistance level of 1.2564.

Going ahead, market participants will focus on UK’s BBA mortgage applications for February, slated to release in a few hours.

The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.

GCI Financial
GCI Financialhttp://www.gcitrading.com/
DISCLAIMER : GCI's Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

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