GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.20% against the USD and closed at 1.5991, on investors expectations that the business activity would pickup, encouraging them to pare bets that the borrowing costs would remain at a record low for another year.
The pair opened the Asian session at 1.5991, and is trading at 1.5977 at 3.00GMT. The pair is trading 0.09% lower from yesterday’s close at 23:00 GMT.
The pair has its first short term resistance at 1.6020, followed by the next resistance at 1.6064. The first support is at 1.5925, with the subsequent support at 1.5874.
With a series of UK economic releases today, including gross domestic product and current account, trading in the pair is expected to be influenced by the resulting cues from these releases.
The currency pair is showing convergence with its 20 Hr and its 50 Hr moving averages.
