GBP/USD: Pound trading marginally higher ahead of UK’s Q2 GDP growth data

GBPUSD

GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 0.28% against the USD and closed at 1.5560, rebounding from its previous session losses.

The balance of firms in the UK reporting total order book above normal unexpectedly lowered to -10.00 in July. It had registered a level of -7.00 in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.5565, with the GBP trading a tad higher from yesterday’s close.

The pair is expected to find support at 1.5505, and a fall through could take it to the next support level of 1.5444. The pair is expected to find its first resistance at 1.5611, and a rise through could take it to the next resistance level of 1.5657.

Going forward, investors would gauge preliminary print of UK’s second quarter growth numbers, scheduled in a few hours, to get better insights in the nation’s economy.

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

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