The U.S. dollar continued gaining strength against the Great Britain Pound on Wednesday, as data showing that the U.S. economy contracted less than initially expected in the last quarter lent support to the greenback.
The Commerce Department reported on Wednesday that gross domestic product contracted at a rate of 0.2% in the three months ending March 31, in line with expectations and compared to a previous estimate of a 0.7% contraction.
The upbeat data added to speculation that the Federal Reserve could raise interest rates as soon as in September.
The safe-haven U.S. dollar also found support amid ongoing uncertainty over the outcome of Greek debt negotiations.
According to a Greek government official, Prime Minister Alexis Tsipras told associates on Wednesday that some of Greece’s latest proposed reform measures had not been accepted by creditors.
Intra-day bias remains on the downside initially. More decline is expected as 21 and 55 EMA are crossed downward with SSRC, MACD and RSI oscillators showing more signs of bearish momentum but i suggest a decisive break of 1.5665 minor support to see price decline further to 1.5603 support.
Tomorrow investors would be taking a close look at U.S Unemployment claims for further indication.