GBPUSD Movement
On Friday, for the 24 hours to 23:00 GMT, GBP rose 0.88% against the USD and closed at 1.5886.
Data released in the UK showed that on a sequential basis, the Gross Domestic Product (GDP) fell 0.2% in the fourth-quarter of 2011, in line with initial estimates. Additionally, total business investment eased 2.0% (YoY) in the 4Q FY2011, compared to a 4.3% rise recorded in the previous quarter.
This morning, Hometrack reported that on a monthly basis, average house prices in the UK remained flat in February, for the second consecutive month.
In the Asian session, at GMT0400, the pair is trading at 1.5870, with the GBP trading 0.1% lower from Friday’s close.
The pair is expected to find support at 1.5760, and a fall through could take it to the next support level of 1.5651. The pair is expected to find its first resistance at 1.5941, and a rise through could take it to the next resistance level of 1.6012.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
