GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.55% against the USD and closed at 1.6118, as the UK’s positive GDP data reduced speculation of additional easing by the Bank of England.
On the economic front, UK’s gross domestic product grew by 1.0% sequentially in the Q3 FY2012, compared to a 0.4% decline in the Q2 FY2012. Meanwhile, index of services rose 1.0% (MoM) in August, following a 1.5% rise recorded in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.6123, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.6058, and a fall through could take it to the next support level of 1.5992. The pair is expected to find its first resistance at 1.6166, and a rise through could take it to the next resistance level of 1.6209.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
