GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.53% against the USD, on Friday, and closed at 1.6260, after weaker-than-expected first-quarter economic growth data in the US dampened demand for the greenback.
The Pound remained supported by speculation that the Bank of England will hold off on implementing further stimulus measures amid hopes that the GDP estimate may still be revised up.
In the Asian session, at GMT0300, the pair is trading at 1.6279, with the GBP trading 0.11% higher from Friday’s close.
The pair is expected to find support at 1.6194, and a fall through could take it to the next support level of 1.6108. The pair is expected to find its first resistance at 1.6324, and a rise through could take it to the next resistance level of 1.6369.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
