GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.22% against the USD and closed at 1.6039, as a lacklustre growth in UK’s Gross Domestic Product (GDP) data, spooked investor sentiment. An official report revealed that growth in the UK economy came in at 1.3% (YoY) for the second quarter, less than analysts’ expectation for a GDP growth of 1.5%.
However, the losses were capped after data showed that the Gfk consumer confidence in the UK rose to a reading of -10, highest in almost six years in September, surpassing market expectation for an increase to -11 and compared to a reading of -13 registered in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.6042, with the GBP trading tad higher from yesterday’s close.
The pair is expected to find support at 1.5995, and a fall through could take it to the next support level of 1.5947. The pair is expected to find its first resistance at 1.6094, and a rise through could take it to the next resistance level of 1.6145.
Traders await UK’s report on the nationwide housing prices, which the market expects to register a growth in the month of September.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
