GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.72% against the USD and closed at 1.5337, as investors shrugged off downbeat Q1 preliminary estimate of the UK GDP data.
Data released showed that the preliminary print of Britain’s GDP growth came in at 0.3%, below market expected growth of 0.5% for the first three months of 2015, marking the slowest quarterly growth for two years and thus indicating that the nation has lost its growth momentum.
In the Asian session, at GMT0300, the pair is trading at 1.5339, with the GBP trading a tad higher from yesterday’s close.
The pair is expected to find support at 1.5227, and a fall through could take it to the next support level of 1.5115. The pair is expected to find its first resistance at 1.5399, and a rise through could take it to the next resistance level of 1.5459.
Amid no major economic releases in the UK today, investors would keep a close on the nation’s Markit manufacturing PMI data, scheduled on Friday.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
