GBP/USD: BRC Retail Sales Improves In February

GBP/USD: BRC Retail Sales Improves In February

For the 24 hours to 23:00 GMT, GBP rose 0.65% against the USD and closed at 1.5129.

Yesterday, the construction purchasing managers' index (PMI) in the UK dropped to a reading of 46.8 in February, from a reading of 48.7 in January.

In the Asian session, at GMT0400, the pair is trading at 1.5126, with the GBP trading marginally lower from yesterday's close.

This morning indicated the British Retail Consortium (BRC) reported that its like-for-like retail sales in the UK advanced 2.7% annually in February, compared to a 1.9% rise posted in January.

The pair is expected to find support at 1.5036, and a fall through could take it to the next support level of 1.4947. The pair is expected to find its first resistance at 1.5178, and a rise through could take it to the next resistance level of 1.5231.

The UK's Markit services PMI, scheduled for release later today is speculated to record a marginal drop in February.