GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP marginally declined against the USD and closed at 1.2270.
On Friday, data revealed that UK’s final gross domestic product (GDP) was revised upwards to 0.6% on a quarterly basis in 3Q 2016, suggesting that the economy is showing strong resilience to the Brexit vote so far, while markets had envisaged for an advance of 0.5%. The preliminary figures had also recorded an expansion of 0.5%, following a rise of 0.7% in the prior quarter.
In the Asian session, at GMT0400, the pair is trading at 1.2289, with the GBP trading 0.15% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2252, and a fall through could take it to the next support level of 1.2215. The pair is expected to find its first resistance at 1.231, and a rise through could take it to the next resistance level of 1.2331.
Going ahead, market participants will look forward to UK’s BBA mortgage approvals for November, scheduled to release in a few hours.
The currency pair is trading/showing convergence with its 20 Hr and 50 Hr moving average.
