GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 1.03% against the USD and closed at 1.3268, triggered by better-than-expected UK’s GDP report.
Data showed that Britain’s preliminary GDP climbed more-than-expected by 0.4% on a quarterly basis in the third quarter of 2017, driven by strong performance in services and manufacturing sector, thus raising the odds of that the Bank of England will likely raise interest rate next month. Market had expected GDP to rise by 0.3%, after recording an expansion of 0.3% in the previous quarter.
In the Asian session, at GMT0300, the pair is trading at 1.3268, with the GBP trading flat against the USD from yesterday’s close.
The pair is expected to find support at 1.3159, and a fall through could take it to the next support level of 1.3050. The pair is expected to find its first resistance at 1.3328, and a rise through could take it to the next resistance level of 1.3388.
In absence of macroeconomic releases in the UK today, investor sentiment would be governed by global macroeconomic factors.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
