GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.30% against the USD and closed at 1.5684.
On the macro front, the final print of Britain’s GDP growth expanded 0.4% QoQ in the first quarter of 2015, at par with market forecasts and up from a previous estimate of 0.3%, as stronger construction activity in the nation boosted the UK economy.
Other economic data showed that UK’s current account deficit narrowed less than expected to £26.5 billion in the first quarter of 2015, compared to prior month’s deficit of £28.9 billion.
In the Asian session, at GMT0300, the pair is trading at 1.5696, with the GBP trading 0.08% higher from yesterday’s close.
The pair is expected to find support at 1.5655, and a fall through could take it to the next support level of 1.5614. The pair is expected to find its first resistance at 1.5757, and a rise through could take it to the next resistance level of 1.5818.
Moving ahead, Britain’s Markit manufacturing PMI data, scheduled in a few hours would grab lot of market attention.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
