GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.10% against the USD and closed at 1.5336.
In the UK, industrial production retreated 0.6% (MoM) in November, from a revised 1.0% decline in October. Also, manufacturing production fell 0.2% (MoM) in November. Meanwhile, the Monetary Policy Committee of the Bank of England (BoE) maintained the size of bond purchases unchanged at £275.0 billion and kept the benchmark interest rate unchanged at 0.50%, in line with market expectations.
In the Asian session, at GMT0400, the pair is trading at 1.5338, with the GBP trading 0.01% higher from yesterday’s close.
The pair is expected to find support at 1.5289, and a fall through could take it to the next support level of 1.5240. The pair is expected to find its first resistance at 1.5377, and a rise through could take it to the next resistance level of 1.5416.
Trading trend in the pair are expected to be determined by the release of UK’s Producer Price Index data.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
