GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.66% against the USD and closed at 1.3116.
Macroeconomic data indicated that Britain’s preliminary gross domestic product (GDP) advanced 0.3% on a quarterly basis in the second quarter of 2017, meeting market expectations and compared to an advance of 0.2% in the prior quarter, suggesting that Brexit continues to damage the nation economically and politically.
Meanwhile, the nation’s BBA mortgage approvals dropped less-than-anticipated to a level of 40.2K in June, compared to a revised level of 40.3K in the prior month, while markets anticipated it to ease to a level of 40.0K.
In the Asian session, at GMT0300, the pair is trading at 1.3144, with the GBP trading 0.21% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.3046, and a fall through could take it to the next support level of 1.2949. The pair is expected to find its first resistance at 1.3195, and a rise through could take it to the next resistance level of 1.3247.
Moving ahead, traders will look forward to Britain’s GfK consumer confidence index for July, slated to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
