GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 1.02% against the USD and closed at 1.5434, as the UK economy escaped a triple dip recession by recording a better-than-expected economic growth of 0.3% (QoQ) in the Q12013. Market had expected GDP to rise 0.1% in the first quarter of 2013. Meanwhile, UK’s index of services climbed 0.8% in February, following a rise of 0.3% recorded in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.5455, with the GBP trading 0.14% higher from yesterday’s close.
The pair is expected to find support at 1.5331, and a fall through could take it to the next support level of 1.5207. The pair is expected to find its first resistance at 1.5530, and a rise through could take it to the next resistance level of 1.5605.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
