GBPUSD Movement
On Friday, GBP marginally rose against the USD and closed at 1.7155.
Over the weekend, a private research revealed that the UK may overtake France to become the second largest economy in Europe and the fifth largest in the world by 2020, buoyed by fast employment growth and the robust performance of the UK economy.
On the economic front, the new car registrations in the UK on a monthly basis rose 6.2% in June, following an increase of 7.7% recorded in the preceding month.
In the Asian session, at GMT0300, the pair is trading at 1.7145, with the GBP trading 0.06% lower from Friday’s close.
The pair is expected to find support at 1.7124, and a fall through could take it to the next support level of 1.7102. The pair is expected to find its first resistance at 1.7174, and a rise through could take it to the next resistance level of 1.7202.
Trading trends in the pair today are expected to be determined by the GBP Lloyds Employment Confidence from the UK, slated to be released later during the day.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
