UK Consumer data GBPUSD outlook

British Pound has advanced against the USD in the previous session. What does UK Consumer data GBPUSD outlook from ADS Securities tell us?

29 June, ADS Securities – The Pound posted significant gains against the US Dollar in the prior session, on the back of hawkish comments from the Bank of England Governor, Mark Carney, that higher interest rates will be necessary, if global recovery improves business conditions further and leads to stronger wage growth.

UK Consumer data GBPUSD outlook

Early today, the pair started the session on a positive note, however, currently is trading with a negative bias, as traders eye UK’s consumer confidence data, to be released today. Besides, a signal line crossover by the MACD from above, further confirms the above stance.

Immediate support is positioned at the 1.2920 level, followed by the 1.2880 and 1.2845 where EMA 55 is placed. If latter fails to hold, it might lead to weakness in the pair. Conversely, key resistance is located at the 1.2975 level, followed by the crucial 1.3000 and 1.3030 levels.

UK Consumer data GBPUSD outlook

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