GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.10% against the USD and closed at 1.5492, after data showed that the UK economy contracted more-than-expected in the second quarter of 2012.
In the UK, the seasonally adjusted gross domestic product dropped 0.7% (QoQ) in Q2 FY2012, marking the biggest fall since the first quarter of 2009, and from a 0.3% decline in the Q1 FY2012.
Separately, the index of services climbed 0.5% in the three months ended May, following a revised 0.1% drop in the three months to April.
Additionally, CBI monthly survey showed that the total industrial orders balance rose to -6 in July, from -11 in June.
In the Asian session, at GMT0300, the pair is trading at 1.5480, with the GBP trading 0.08% lower from yesterday’s close.
The pair is expected to find support at 1.5442, and a fall through could take it to the next support level of 1.5404. The pair is expected to find its first resistance at 1.5535, and a rise through could take it to the next resistance level of 1.5590.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
