GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.63% against the USD and closed at 1.6382.
In the US, the gross domestic product rose by 1.8% (Q-o-Q) in the first quarter of 2011, compared to 3.1% growth recorded in the fourth quarter of 2010. Market had expected 2.2% growth in this quarter.
In the UK, the GfK NOP consumer confidence index improved by 10.0 points to -21 in May from -31 recorded in April.
The pair opened the Asian session at 1.6382, and is trading at 1.6432 at 3.00GMT. The pair is trading 0.31% higher from the New York session close.
The pair has its first short term resistance at 1.6488, followed by the next resistance at 1.6544. The first support is at 1.6323, with the subsequent support at 1.6214.
Trading trends in the pair today are expected to be determined by release of data on nationwide housing prices in the UK.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
