GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.50% against the USD and closed at 1.6574.
Yesterday, Senior Liberal Democrat and Business Secretary, Vince Cable cautioned that rising house prices could end up becoming a threat for the economic stability of the nation. He insisted that sustained growth depends on rebalancing the economy and preventing a return to “boom and bust”. He further added that real recovery was under way in the nation, however it continues to be fragile.
In the Asian session, at GMT0400, the pair is trading at 1.6606, with the GBP trading 0.19% higher from yesterday’s close.
The pair is expected to find support at 1.6523, and a fall through could take it to the next support level of 1.6440. The pair is expected to find its first resistance at 1.6654, and a rise through could take it to the next resistance level of 1.6702.
Ahead in the day, the UK fourth quarter GDP report will be closely eyed by investors, especially in the wake of recent positive economic data.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
