GBPUSD Movement
On Friday, GBP marginally rose 0.18% against the USD and closed at 1.6716, as the British economy maintained its momentum in the second quarter of 2014, registering a 0.8% quarterly growth in the April-June quarter, mirroring a similar growth in the previous quarter.
Meanwhile, the index of services in the UK rose 1.0% for a period of three months to June, registering a similar rise for the preceding three months.
In the Asian session, at GMT0300, the pair is trading at 1.673, with the GBP trading 0.08% higher from Friday’s close.
Over the weekend, the Rightmove House Price Index in the UK dropped 2.9% in August, on monthly basis, compared to a drop of 0.8%, a month ago. Separately, BoE Governor Mark Carney, in an interview, stated that rise in real wage is not a pre-requisite for the hike in interest rates, as the bank could raise its interest rates before workers’ pay increases.
The pair is expected to find support at 1.6694, and a fall through could take it to the next support level of 1.6658. The pair is expected to find its first resistance at 1.6749, and a rise through could take it to the next resistance level of 1.6768.
Amid lack of economic releases from the UK today, trading trends in the Pound today would be governed by global news/events.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
