GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.61% against the USD and closed at 1.6280, as a report showed that the UK economy resumed growth in the first quarter on strong exports.
In the UK, the index of services rose to a reading of 103.3 in March, compared to a reading of 102.6 recorded in the previous month. Total business investment dropped sharply by 7.1% in the first quarter of 2011. Meanwhile, the gross domestic product, on quarterly basis, rose 0.5% in the first quarter of 2011, matching initial estimates.
The pair opened the Asian session at 1.628, and is trading at 1.6313 at 3.00GMT. The pair is trading 0.20% higher from the New York session close.
The pair has its first short term resistance at 1.6389, followed by the next resistance at 1.6466. The first support is at 1.6182, with the subsequent support at 1.6052.
The currency pair is trading between its 20 Hr moving average and its 50 Hr moving average.
