GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.39% against the USD and closed at 1.5093, as the Gross Domestic Product (GDP) in UK rebounded from a 0.3% decline in Q42012 and registered a 0.3% rise in the Q12013, matching the first estimate.
However, gains were limited as UK’s preliminary business investment slipped 0.4% in the Q12013, while private consumption recorded a rise that was less than market expectations and government spending remained flat in Q12013.
In the Asian session, at GMT0300, the pair is trading at 1.5083, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.5026, and a fall through could take it to the next support level of 1.4969. The pair is expected to find its first resistance at 1.5135, and a rise through could take it to the next resistance level of 1.5187.
Later today, the scheduled BBA mortgage approvals data is expected to show a rise in April.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
