For the 24 hours to 23:00 GMT, the GBP rose 0.39% against the USD and closed at 1.2872, following an agreement between British Prime Minister, Boris Johnson and European Union leaders over a new Brexit deal.
Data showed that UK’s retail sales advanced 3.1% on an annual basis in September, less than market expectations for a rise of 3.2%. In the prior month, retail sales had recorded a revised rise of 2.6%.
In the Asian session, at GMT0300, the pair is trading at 1.2847, with the GBP trading 0.19% lower against the USD from yesterday’s close, amid concerns whether Parliament will pass the Brexit pact.
The pair is expected to find support at 1.2735, and a fall through could take it to the next support level of 1.2622. The pair is expected to find its first resistance at 1.2975, and a rise through could take it to the next resistance level of 1.3102.
Going ahead traders would await UK’s Rightmove house price index and the BBA mortgage approvals, set to release next week.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
