GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP traded flat against the USD and closed at 1.6493.
A leading British business group, The British Chambers of Commerce (BCC), on Monday cut its growth forecasts for the country’s economic growth over the next two years, however insisting that the government’s austerity measures were correct. The BCC stated that it expects the economy would grow by 1.3% in 2011 against a previous forecast of 1.4%, and cut its forecast to 2.2% for 2012 down from 2.3%.
The pair opened the Asian session at 1.6493, and is trading at 1.6542 at 3.00GMT. The pair is trading 0.30% higher from the levels yesterday at 23:00GMT.
The pair has its first short term resistance at 1.6578, followed by the next resistance at 1.6613. The first support is at 1.6476, with the subsequent support at 1.6409.
The currency pair is trading just below its 20 Hr and its 50 Hr moving averages.
