GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.77% against the USD and closed at 1.5410.
Losses were kept in check, after Britain’s preliminary GDP grew 2.7% on an annual basis in 4Q 2014, in line with market expectations and compared to a similar growth recorded in the prior quarter, making the nation fastest expanding G-7 economy in 2014.
In other economic news, the nation’s index of services rose 0.6% MoM in December, higher than market expectations of a 0.4% advance and compared to a gain of 0.1% recorded in prior month.
Separately, the BoE’s Deputy Governor, Minouche Shafik indicated that the next probable move by the central bank with regards to monetary policy will be a hike in its benchmark interest rates as the issues that caused slowdown in inflation are seen fading.
In the Asian session, at GMT0400, the pair is trading at 1.5436, with the GBP trading 0.17% higher from yesterday’s close.
Earlier today, the GfK consumer confidence index in the UK remained unchanged at a level of 1.00 in February. Market expectations were for the index to climb to a level of 2.00.
The pair is expected to find support at 1.5369, and a fall through could take it to the next support level of 1.5301. The pair is expected to find its first resistance at 1.5529, and a rise through could take it to the next resistance level of 1.5622.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
