GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.12% against the USD and closed at 1.5507 as investors favoured the greenback after data indicated that jobless claims in the world’s largest economy declined during the last week and after a report revealed that the US GDP rose 2.5% on an annualised basis during the second quarter.
In the Asian session, at GMT0300, the pair is trading at 1.5511, with the GBP trading tad higher from yesterday’s close. Earlier today, the GfK Group reported that its index of the UK’s consumer confidence rose to a level of -13 in August, better than market expectation for a rise to -14 and compared to a reading of -16 recorded in the earlier month.
The pair is expected to find support at 1.5480, and a fall through could take it to the next support level of 1.5448. The pair is expected to find its first resistance at 1.5546, and a rise through could take it to the next resistance level of 1.5580.
Investors await UK’s nationwide housing price data and consumer credit data, scheduled to release later during the day.
The currency pair is trading just above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
