GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.29% against the USD and closed at 1.5628, on broad US dollar weakness.
The International Monetary Fund (IMF) in its quarterly economic report, released yesterday, downgraded the UK’s growth forecast from 0.8% to 0.2% in 2012 and from 2.0% to 1.4% in 2013.
Separately, an Ernst & Young report indicated that the UK economy would not grow this year as damage from the European debt crisis overshadows a pickup in consumer spending in the second half.
In the Asian session, at GMT0300, the pair is trading at 1.5663, with the GBP trading 0.22% higher from yesterday’s close.
The pair is expected to find support at 1.5561, and a fall through could take it to the next support level of 1.5460. The pair is expected to find its first resistance at 1.5721, and a rise through could take it to the next resistance level of 1.5780.
Trading trends in the pair today are expected to be determined by the release of consumer price index, retail price index and DCLG house prices in the UK.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
