GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.50% against the USD and closed at 1.6042.
In the US economic data, on a sequential basis, the gross domestic product (GDP) grew 3.1% in the fourth quarter of 2010. The personal consumption expenditure index, excluding food and energy prices, increased 0.4% in the fourth quarter, slightly lower than the 0.5% gain reported last month. Meanwhile, US Reuters/Michigan consumer sentiment index dropped to 67.5 in March compared to 77.5 in February.
Atlanta Federal Reserve President, Dennis Lockhart indicated that the recent rise in short-term inflation measures is not likely to persist. He further stated that he is prepared to support a change of monetary policy if evidence accumulates that the low and stable inflation objective is at risk.
The pair opened the Asian session at 1.6005, and is trading at 1.6017 at 3:00GMT. The pair is trading lower from the New York session close.
The pair has its first short term resistance at 1.6107, followed by the next resistance at 1.6198. The first support is at 1.5961, with the subsequent support at 1.5906.
Trading trends in the pair today are expected to be determined by data release on Nationwide HPI in the UK.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
