GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.68% against the USD and closed at 1.5187, as investors shrugged off Britain’s disappointing 4Q GDP data. The UK GDP advanced 0.5% in Q4 2014 on a quarterly basis, lower than market expectations for a rise of 0.6%. The nation’s economy had expanded 0.7% in the prior quarter, thus dampening investor optimism over the country’s economic outlook.
In other economic news, the nation’s BBA mortgage approvals registered a drop to 35.67 K, registering a 20-month low level in December, compared to market expectations of a fall to a level of 36.50 K. In the previous month, BBA mortgage approvals had recorded a revised reading of 36.66 K.
In the Asian session, at GMT0400, the pair is trading at 1.5168, with the GBP trading 0.12% lower from yesterday’s close.
The pair is expected to find support at 1.5076, and a fall through could take it to the next support level of 1.4985. The pair is expected to find its first resistance at 1.5242, and a rise through could take it to the next resistance level of 1.5317.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
