For the 24 hours to 23:00 GMT, the GBP declined 0.47% against the USD and closed at 1.3025 yesterday.
In the Asian session, at GMT0400, the pair is trading at 1.3018, with the GBP trading 0.05% lower against the USD from yesterday’s close, after the BRC shop price index dropped 0.3% in the UK, in January. In the previous month, the BRC shop price index had fallen 0.4%. However, the rate of decline in prices on the British high street slowed for the month.
The pair is expected to find support at 1.2976, and a fall through could take it to the next support level of 1.2933. The pair is expected to find its first resistance at 1.3060, and a rise through could take it to the next resistance level of 1.3101.
Trading trends in the pair today are expected to be determined by the release of the British nationwide housing prices for January.
The currency pair is trading above its 20 Hr moving average and is trading below its 50 Hr moving average.
