Pound Trading Stronger Ahead Of The UK 4Q GDP Data
GCI Financial | Jan 27, 2015 01:26AM ET
For the 24 hours to 23:00 GMT, the GBP rose 0.49% against the USD and closed at 1.5084, after the BoE’s MPC member, Kristin Forbes, indicated that interest rates in the UK would rise sooner on the back of improving global economy, and if inflation in the nation starts to move up strongly, following its sharp decline recently.
In the Asian session, at GMT0400, the pair is trading at 1.5098, with the GBP trading 0.09% higher from yesterday’s close.
The pair is expected to find support at 1.5023, and a fall through could take it to the next support level of 1.4949. The pair is expected to find its first resistance at 1.5141, and a rise through could take it to the next resistance level of 1.5184.
Trading trends in the Pound today are expected to be determined by the UK GDP data, scheduled in few hours, to gauge the nation’s economic growth for the last quarter of 2014, especially amid recent signs of a slowdown in British economy.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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