GBP/USD: Sterling trading higher, ahead of final GDP data


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.31% against the USD and closed at 1.3077.

In the Asian session, at GMT0300, the pair is trading at 1.3107, with the GBP trading 0.23% higher against the USD from yesterday’s close.

On the data front, UK’s Gfk consumer confidence unexpectedly slid to -9.0 in June, amid increasing pessimism among investors and defying market expectations for a steady reading. The index had recorded a reading of -7.0 in the previous month.

Further, the nation’s Lloyds business sentiment index dropped to 29.0 in June, posting its lowest level in this year and compared to a reading of 35.0 in the prior month.

The pair is expected to find support at 1.3064, and a fall through could take it to the next support level of 1.3022. The pair is expected to find its first resistance at 1.3135, and a rise through could take it to the next resistance level of 1.3164.

Looking ahead, investors will keep an eye on UK’s final 1Q GDP data, net consumer credit and mortgage approvals for May, set to release in a few hours.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

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