GBP/USD: BRC shop price inflation remained stable at 1.5%

January 9, 2013

GBPUSD Movement

For the 24 hours to 23:00 GMT, GBP fell 0.39% against the USD and closed at 1.6060.

In the Asian session, at GMT0400, the pair is trading at 1.6044, with the GBP trading 0.10% lower from yesterday’s close.

Data released this morning indicated that the British Retail Consortium’s (BRC) shop price inflation in the UK remained steady at 1.5% (YoY) in December, compared to a similar rate recorded in November.

The pair is expected to find support at 1.6010, and a fall through could take it to the next support level of 1.5977. The pair is expected to find its first resistance at 1.6096, and a rise through could take it to the next resistance level of 1.6148.

Trading trends in the pair today are expected to be determined by the release of goods trade balance data in the UK.

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

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