Sterling Trading Higher, As Investors Eye UK GDP Growth Data For Q2
GCI Financial | Aug 28, 2015 02:54AM ET
For the 24 hours to 23:00 GMT, the GBP declined 0.46% against the USD and closed at 1.5405.
In the Asian session, at GMT0300, the pair is trading at 1.5429, with the GBP trading 0.16% higher from yesterday’s close, after overnight data revealed that Britain’s consumer confidence surprisingly rose to a level of 7.00, compared to a level of 4.00 in the prior month.
The pair is expected to find support at 1.5364, and a fall through could take it to the next support level of 1.5298. The pair is expected to find its first resistance at 1.5501, and a rise through could take it to the next resistance level of 1.5573.
Trading trends in the Pound today are expected to be determined by Britain’s Q2 GDP figures, due later in the day, to be followed by BoE’s Governor Mark Carney’s speech over the weekend.
The currency pair is showing convergence with its 20 Hr moving average and trading below its
50 Hr moving average.
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