GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.26% against the USD and closed at 1.4541, after UK’s gross domestic product (GDP) growth slowed sharply in the first three months of 2016, as the looming European Union referendum put a brake on growth.
Data showed that Britain’s GDP advanced 0.4% QoQ in 1Q 2016, compared to an advance of 0.6% in the prior quarter. Markets were expecting GDP to rise 0.4%.
In the Asian session, at GMT0300, the pair is trading at 1.4531, with the GBP trading 0.07% lower from yesterday’s close.
The pair is expected to find support at 1.4462, and a fall through could take it to the next support level of 1.4394. The pair is expected to find its first resistance at 1.4611, and a rise through could take it to the next resistance level of 1.4691.
Moving ahead, market participants will look forward to the release of UK’s Gfk consumer confidence index data for April, due overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
