GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.19% against the USD and closed at 1.3956, after UK’s preliminary GDP rose by 0.5% on a quarterly basis in Q4 2015, in line with market expectations.
In the Asian session, at GMT0400, the pair is trading at 1.4003, with the GBP trading 0.34% higher from yesterday’s close.
Early this morning, data indicated that UK’s Gfk consumer confidence index remained flat in February, after falling to its lowest level in a year and hurt by concerns over the nation’s economic outlook. Meanwhile, markets were expecting it to fall to a level of 3.0 and following a reading of 4.0 in the preceding month.
The pair is expected to find support at 1.3931, and a fall through could take it to the next support level of 1.3858. The pair is expected to find its first resistance at 1.4045, and a rise through could take it to the next resistance level of 1.4087.
Moving ahead, market participants await the release of UK’s mortgage approvals data for January, set for release next week.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
