GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.72% against the USD and closed at 1.6625. The greenback came under pressure, after the Federal Reserve renewed its commitment to low rates and asset purchases.
In the UK, the gross domestic product (GDP), on quarterly basis, rose by 0.5% in the first quarter of 2011 from 0.5% contraction in the previous quarter. Meanwhile, the consumer confidence was down to -31 in April from -28 in March. The index of services increased to -0.3 in February from -0.5 in January. Additionally, the British Bankers association reported an increase in mortgage approvals to 31,660 in March from 30178 in the previous month.
The pair opened the Asian session at 1.6625, and is trading at 1.6725 at 3.00GMT. The pair is trading 0.60% higher from the New York session close.
The pair has its first short term resistance at 1.6838, followed by the next resistance at 1.6950. The first support is at 1.6522, with the subsequent support at 1.6318.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
