GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.15% against the USD on Friday and closed at 1.6117.
In the UK, fourth quarter GDP contracted by 0.6% (Q-o-Q). Additionally, the GDP grew 1.5% (Y-o-Y) in 4Q FY2010. Total business investment in the UK, dropped 2.5% (Q-o-Q) from the prior 3.1% growth recorded in the previous quarter. In the US, consumer sentiment index released by Reuters and the University of Michigan improved to 77.5 in February, from 74.2 in January.
The pair opened the Asian session at 1.6117, and is trading at 1.6092 at 4.00GMT. The pair is trading 0.16% lower from the New York session close.
The pair has its first short term resistance at 1.6158, followed by the next resistance at 1.6225. The first support is at 1.6025, with the subsequent support at 1.5959.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
