The pound advances against majors after the data released today showing that the economy rebounded by 0.4%, exceeding estimates of 0.3%. On the other hand, the dollar index, a gauge of the dollar's movements versus a basket of major currencies, reached 81.22 from the day's opening at 81.23 after recording a high of 81.30 and a low of 80.99.
With regard to the euro-dollar pair, it is moving sideways for the third day around 1.3481 which represents 61.8% Fibonacci retracement to the upside trend that started in March last year. Still, the outlook for the euro is fraught with the absence of the details of last week's rescue plan for Greece and fears that Greece will not be able to tackle its high deficit. The pair is currently traded at 1.3453 while recording a high of 1.3536 and a low of 1.3447, where the coming support is seen at 1.3405 and next resistance is at 1.3530.
As for the sterling-dollar pair, it is showing advance for the fourth day on the daily charts after gaining support at 1.4857. The sterling was boosted today after better-than-expected growth figures that spurred hopes the economy is on the right track towards recovery. However, the pair is facing downside pressure from the 4-hour and 1-hour charts. Meanwhile, the pair is traded at 1.5076 after hitting a high of 1.5112 and a low of 1.4971 while it is expected to move between support at 1.5040 and resistance at 1.5110.
Relative to the dollar-yen pair, it is showing incline on the daily and 4-hour charts where the pair is traded in an overbought area as indicated by the Stochastic Oscillator momentum indicator on the daily charts. Currently, the pair is traded at 92.88, hitting a high of 92.95 and a low of 92.10, whereas support is seen at 92.15 while resistance is at 93.30.