GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.21% against the USD and closed at 1.2476 on Friday, after the second estimate of UK’s gross domestic product (GDP) climbed 0.5% on a quarterly basis in the third quarter, confirming its earlier estimate, boosted by growth in exports, stronger consumer spending and an unexpected jump in business investment. GDP had recorded a rise of 0.7% in the previous quarter.
In the Asian session, at GMT0400, the pair is trading at 1.2509, with the GBP trading 0.26% higher against the USD from Friday’s close.
The pair is expected to find support at 1.2438, and a fall through could take it to the next support level of 1.2366. The pair is expected to find its first resistance at 1.2556, and a rise through could take it to the next resistance level of 1.2602.
Moving ahead, market participants would await the release of UK’s Nationwide house prices for November, scheduled to release in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
