GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.39% against the USD and closed at 1.5891, after the UK Office for National Statistics revised down its estimate of fourth-quarter Gross Domestic Product to show a quarterly contraction of 0.3% against a previous estimate of 0.2%.
Additionally, current account deficit in the UK, narrowed to £8.451 billion in the fourth quarter of 2011, compared to a deficit of £10.515 billion in the previous quarter. Meanwhile, the business investment decreased 3.3% (QoQ) in fourth quarter of 2011, compared to 5.6% drop recorded in the previous quarter.In the Asian session, at GMT0300, the pair is trading at 1.5904, with the GBP trading 0.08% higher from yesterday’s close.
The pair is expected to find support at 1.5843, and a fall through could take it to the next support level of 1.5782. The pair is expected to find its first resistance at 1.5965, and a rise through could take it to the next resistance level of 1.6026.
Trading trends in the pair today are expected to be determined by the release of nationwide housing prices and Bank of England credit conditions report, consumer credit and M4 money supply in the UK.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
