GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.87% against the USD and closed at 1.6419, after a report that showed UK economic growth matched market expectations.
The gross domestic product (GDP) in the UK rose by 0.2% (Q-o-Q) in the second quarter of 2011, following a 0.5% expansion in the previous quarter. Additionally, in the UK, the seasonally adjusted index of services rose by 1.4% (Y-o-Y) in May, following a 0.8% increase in April.
The pair opened the Asian session at 1.6419, and is trading at 1.6427 at 3.00GMT. The pair is trading marginally higher from yesterday’s close at 23:00 GMT.
The pair has its first short term resistance at 1.6475, followed by the next resistance at 1.6524. The first support is at 1.6342, with the subsequent support at 1.6258.
The pair is expected to trade on the cues from the release of data on CBI industrial trends survey in the UK.
The currency pair is trading just above its 20 Hr and its 50 Hr moving averages.
