GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.14% against the USD and closed at 1.6170.
The greenback declined against most of the major currencies, after the US Federal Reserve Chairman, Ben Bernanke assured that monetary easing measures will be kept in place as long as needed.
In European trading hours, the Pound came under pressure, after reports showed that the UK economy contracted unexpectedly in the first three months of 2012. Following the release of the data, UK Chancellor, George Osborne stated that abandoning the government’s austerity plan would make the tough economic situation even worse.
In the Asian session, at GMT0300, the pair is trading at 1.6171, with the GBP trading marginally higher from yesterday’s close, after reports showed that nationwide consumer confidence index rose to 53.0 in March, compared to 44.0 in previous month. Market had expected 42.0 in March.
The pair is expected to find support at 1.6108, and a fall through could take it to the next support level of 1.6044. The pair is expected to find its first resistance at 1.6209, and a rise through could take it to the next resistance level of 1.6246.
The pair is expected to trade on the cues from the release of Gfk consumer confidence and BBA mortgage approvals in the UK.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
