GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.24% against the USD and closed at 1.5166, as upbeat core durable goods orders and pending home sales data in the US helped buoy investor risk appetite. However, gains in the Pound were limited amid persistent worries over the outlook for growth in the UK, after the nation’s gross domestic product contracted 0.3% in the Q4 2012, following an upwardly revised 1.0% increase in the Q3 2012. Meanwhile, exports declined 1.5% (QoQ) in the Q4 2012, while imports fell 1.2% in the Q42012. Separately, the index of services fell 0.1% in the three months ended December, compared with a 0.6% growth recorded in the three months ended November.
In the Asian session, at GMT0400, the pair is trading at 1.5162, with the GBP trading marginally lower from yesterday’s close.
This morning, the GfK consumer confidence index in the UK stood at a reading of -26.0 in February, in line with market expectations and compared to a similar reading posted last month.
The pair is expected to find support at 1.5098, and a fall through could take it to the next support level of 1.5035. The pair is expected to find its first resistance at 1.5207, and a rise through could take it to the next resistance level of 1.5253.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
