GBP/USD: UK’s gross domestic product advanced in 1Q 2019


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 0.22% against the USD and closed at 1.2699 on Friday.

Data revealed that UK’s final gross domestic product (GDP) advanced 0.5% on a quarterly basis in 1Q 2019, in line with market expectations and confirming the preliminary print. In the preceding quarter, the GDP had recorded a gain of 0.2%.

In the Asian session, at GMT0300, the pair is trading at 1.2699, with the GBP trading flat against the USD from Friday’s close.

The pair is expected to find support at 1.2664, and a fall through could take it to the next support level of 1.2630. The pair is expected to find its first resistance at 1.2734, and a rise through could take it to the next resistance level of 1.2770.

Going ahead, traders would closely monitor UK’s net consumer credit and mortgage approvals for May along with the Markit manufacturing PMI for June, scheduled to release in a few hours.

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

This entry was posted in GBP/USD. Bookmark the permalink.

Comments are closed.