GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.48% against the USD and closed at 1.5380, after economic reports showed that the UK economic growth met market expectations.
UK economy registered a 0.6% sequential growth for the second quarter of 2013, in line with market expectations. Moreover, the UK Chancellor, George Osborne, stated that the second quarter GDP data is fresh evidence that Britain’s economy is picking up and is coming out of the shadows.
In the Asian session, at GMT0300, the pair is trading at 1.5395, with the GBP trading 0.10% higher from yesterday’s close.
The pair is expected to find support at 1.5293, and a fall through could take it to the next support level of 1.5192. The pair is expected to find its first resistance at 1.5466, and a rise through could take it to the next resistance level of 1.5538.
Housing prices data from the UK scheduled today would serve as catalyst for further direction of the Pound.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
