GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.8% against the USD and closed at 1.4358, after UK’s GDP growth expanded by 0.5% QoQ in the Q4 2015, in line with market expectations, following a growth of 0.4% in the preceding quarter. However, the nation’s annual pace of growth slowed to its weakest in nearly three years in 2015.
Early morning data showed that Britain’s GfK consumer confidence index unexpectedly rose to a level of 4.0 in January, notching its highest level since August 2015, up from a reading of 2.0 in the previous month and beating market expectation of a rise to a level of 1.0.
In the Asian session, at GMT0400, the pair is trading at 1.4368, with the GBP trading 0.07% higher from yesterday’s close.
The pair is expected to find support at 1.4268, and a fall through could take it to the next support level of 1.4169. The pair is expected to find its first resistance at 1.4438, and a rise through could take it to the next resistance level of 1.4508.
With no economic releases in UK today, investor’s sentiment would be governed by global macroeconomic news.
The currency pair is showing convergence with its 20 Hr and trading above its 50 Hr moving average.
