GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.96% against the USD and closed at 1.6431.
In the UK, the Purchasing Managers’ Index (PMI) for services rose to a reading of 55.4 in July, following a reading of 53.9 recorded in June. Additionally, the National Institute of Economic and Social Research (NIESR) lowered the growth outlook for the UK economy to 1.3% from 1.4% in 2011. It has forecasted the UK economy to grow by 2.0% in 2012.
The pair opened the Asian session at 1.6431, and is trading at 1.6386 at 3.00GMT. The pair is trading 0.27% lower from yesterday’s close at 23:00 GMT.
The pair has its first short term resistance at 1.6466, followed by the next resistance at 1.6547. The first support is at 1.6281, with the subsequent support at 1.6177.
With a series of UK economic releases today, including Bank of England interest rate decision and monetary policy statement, trading in the pair is expected to be influenced by the resulting cues from these releases.
The currency pair is trading between its 20 Hr and its 50 Hr moving averages.
