GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.05% against the USD and closed at 1.3310.
On Friday, data revealed that the second estimate of UK’s gross domestic product (GDP) advanced 0.1% on a quarterly basis in the first quarter of 2018, confirming the preliminary print. In the previous quarter, GDP had registered a rise of 0.4%.
In other economic news, the nation’s BBA mortgage approvals surprisingly climbed to a level of 38.04K in April, notching a 3-month high level and compared to market expectations for a fall to a level of 37.40K. In the previous month, BBA mortgage approvals had registered a revised level of 37.61K. On the other hand, flash reading showed that the nation’s total business investment eased 0.2% on a quarterly basis in the first three months of 2018, dipping to a nearly 3-year low level, thus suggesting that heightened Brexit uncertainty is taking its toll on the domestic economy. Total business investment had registered a gain of 0.3% in the prior quarter.
In the Asian session, at GMT0300, the pair is trading at 1.3315, with the GBP trading slightly higher against the USD from yesterday’s close.
The pair is expected to find support at 1.3294, and a fall through could take it to the next support level of 1.3274. The pair is expected to find its first resistance at 1.3338, and a rise through could take it to the next resistance level of 1.3362.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
