GBPUSD Movement
GBP fell 0.40% for the 24 hours to 23:00 GMT, against the USD and closed at 1.5256, after reports showed that the GDP in the UK rose 0.3% (YoY) in the first quarter of 2013, lower than the preliminary estimate of a 0.6% rise. Additionally, current account deficit in UK widened to £14.5 billion in the Q1 2012, against the market expectation of current account deficit to fall to £12.0 billion. Moreover, the Lloyds business barometer slipped to a reading of 36.00 in June.
In the Asian session, at GMT0300, the pair is trading at 1.5272, with the GBP trading 0.10% higher from yesterday’s close.
Data released this morning indicated that the Gfk consumer confidence in UK rose to a reading of -21.0 in June, in line with the market expectation and compared to a reading of -22.0 recorded in May.
The pair is expected to find support at 1.5200, and a fall through could take it to the next support level of 1.5127. The pair is expected to find its first resistance at 1.5346, and a rise through could take it to the next resistance level of 1.5419.
Later today, UK is scheduled to report the Nationwide housing prices and the index of services data.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
