GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.67% against the USD and closed at 1.5707.
In the UK, the National Institute of Economic and Social Research reported that the Gross domestic Product (GDP) estimate rose 0.3% for three months to November, down from 0.4% for three months ending in October. Meanwhile, the industrial production fell 0.7% (MoM) in October, after remaining flat in September. Additionally, manufacturing production declined 0.7% (MoM) in October, compared to 0.1% growth in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.5708, with the GBP trading flat from yesterday’s close.
The pair is expected to find support at 1.5627, and a fall through could take it to the next support level of 1.5546. The pair is expected to find its first resistance at 1.5757, and a rise through could take it to the next resistance level of 1.5806.
Trading trends in the pair today are expected to be determined by release of Bank of England (BoE) interest rate decision in the UK.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
