Britain’s Grows Less Than Expected
GCI Financial | May 29, 2015 02:20AM ET
For the 24 hours to 23:00 GMT, the GBP fell 0.20% against the USD and closed at 1.5321, as a disappointing UK’s first quarter GDP data dampened investor sentiment.
Data showed that the second estimate of UK’s GDP remained unchanged at 0.30% QoQ in 1Q 2015, trailing market expectations of an upward revision of 0.4%. The downward revision came from the nation’s weaker-than-estimated services sector, which has the largest weightage on total growth, as it failed to pick up between February and March.
On the other hand, BBA mortgage approvals in the UK jumped to nine-month high level of 42.12K in April, compared to market expectations of an advance to 39.30K. In the previous month, it had registered a revised level of 39.20K.
In the Asian session, at GMT0300, the pair is trading at 1.5334, with the GBP trading 0.08% higher from yesterday’s close.
The pair is expected to find support at 1.5267, and a fall through could take it to the next support level of 1.52. The pair is expected to find its first resistance at 1.5394, and a rise through could take it to the next resistance level of 1.5455.
Amid no major economic releases in the UK today, investor sentiment would be governed by global macroeconomic news.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
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