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GBP/USD: UK’s Economic Growth Confirmed At 0.7% In The Final Three Months Of 2016

For the 24 hours to 23:00 GMT, the GBP rose 0.42% against the USD and closed at 1.2527 on Friday, after the final gross domestic product (GDP) in the UK advanced 0.7% on a quarterly basis in 4Q 2016, at par with market expectations and confirming the initial estimate. In the prior quarter, the nation’s GDP had risen 0.6%.

On the contrary, the nation’s seasonally adjusted house prices registered an unexpected drop of 0.3% on a monthly basis in March, dropping for the first time since June 2015 and pointing to a slowdown in the nation’s property market as the country prepares to leave the European Union. House prices had advanced 0.6% in the previous month, whereas market participants anticipated for an advance of 0.3%.

In the Asian session, at GMT0300, the pair is trading at 1.2540, with the GBP trading 0.1% higher against the USD from Friday’s close.

The pair is expected to find support at 1.2462, and a fall through could take it to the next support level of 1.2385. The pair is expected to find its first resistance at 1.2586, and a rise through could take it to the next resistance level of 1.2633.

Trading trends in the Pound today is expected to be determined by the release of UK’s Markit manufacturing PMI for March, set to release in a few hours.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

GCI Financial
GCI Financialhttp://www.gcitrading.com/
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