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Sterling Trading Flat In The Morning Session

For the 24 hours to 23:00 GMT, the GBP rose 0.99% against the USD and closed at 1.3272, following upbeat retail sales data.

In the economic news, UK’s retail sales including auto advanced 3.3% on an annual basis in August, surpassing market consensus for a gain of 2.3%. In the previous month, retail sales had recorded a revised rise of 3.8%.

In the Asian session, at GMT0300, the pair is trading at 1.3272, with the GBP trading flat against the USD from yesterday’s close.

The pair is expected to find support at 1.3177, and a fall through could take it to the next support level of 1.3083. The pair is expected to find its first resistance at 1.3332, and a rise through could take it to the next resistance level of 1.3393.

Going ahead, traders would focus on UK’s public sector net borrowing data for August, due to release in a few hours.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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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