GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.24% against the USD and closed at 1.5127, after UK’s gross domestic product (GDP) shrank in the fourth quarter.
The Britain’s GDP contracted 0.3% (QoQ) in the Q42012, in line with the initial estimate and compared to a 1.0% growth recorded in the previous quarter. Meanwhile, the current account deficit narrowed to £14.0 billion in 4Q FY2012, while total business investment dropped 0.8% (QoQ) in 4Q FY2012.
In the Asian session, at GMT0400, the pair is trading at 1.5133, with the GBP trading marginally higher from yesterday’s close.
UK’s GfK consumer confidence index stood at a reading of -26.0 in March, unchanged from the reading recorded last month.
The pair is expected to find support at 1.5090, and a fall through could take it to the next support level of 1.5047. The pair is expected to find its first resistance at 1.5179, and a rise through could take it to the next resistance level of 1.5225.
In the UK, the Nationwide housing prices is scheduled for release later today, wherein investors hope for some improvement in the housing sector to provide relief following the weak GDP data.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
