GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.61% against the USD and closed at 1.3217, after the preliminary GDP estimate data indicated that UK’s economy expanded more-than-expected by 0.6% on a quarterly basis in 2Q 2016, indicating that the nation’s economy was on a stronger footing ahead of the Brexit vote. Markets expected the economy to grow by 0.5%, after recording an expansion of 0.4% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3217, with the GBP trading flat from yesterday’s close.
The pair is expected to find support at 1.3109, and a fall through could take it to the next support level of 1.3001. The pair is expected to find its first resistance at 1.3286, and a rise through could take it to the next resistance level of 1.3355.
Looking ahead, UK’s Gfk consumer confidence data, due to release tonight, will be on investor’s radar.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
