GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.06% against the USD and closed at 1.3104.
On Friday, the second estimate of UK’s GDP revealed that the economy grew by 0.6% QoQ in the second quarter of 2016, in line with market expectations, thus suggesting that the nation’s economy was in strong shape in the wake of EU referendum. The preliminary figures had also recorded a rise of 0.6%.
In the Asian session, at GMT0300, the pair is trading at 1.3083, with the GBP trading 0.16% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.3049, and a fall through could take it to the next support level of 1.3014. The pair is expected to find its first resistance at 1.3125, and a rise through could take it to the next resistance level of 1.3166.
Moving ahead, investors would closely monitor UK’s GfK consumer confidence index data for August, scheduled to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
