GBP/USD: UK to moderately recover in 2013, indicates BCC

January 8, 2013

GBPUSD Movement

For the 24 hours to 23:00 GMT, GBP rose 0.34% against the USD and closed at 1.6122.

In the UK, the Lloyds Bank reported that employment confidence came in unchanged at a reading of -42.0 in December, compared to the previous month.

In the Asian session, at GMT0400, the pair is trading at 1.6110, with the GBP trading marginally lower from yesterday’s close.

Data released this morning indicated that BRC’s retail sales rose 0.3% (YoY) in December, lower than the 0.4% increase recorded in the previous month. Meanwhile, the British Chambers of Commerce (BCC) has indicated that business sentiment in the UK has risen “markedly” in the last quarter of 2012 and expects the economy to grow modestly in early 2013.

The pair is expected to find support at 1.6045, and a fall through could take it to the next support level of 1.5979. The pair is expected to find its first resistance at 1.6152, and a rise through could take it to the next resistance level of 1.6195.

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

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