GBPUSD Movement
For the 24 hours to 23:00 GMT on Friday, GBP fell 0.94% against the USD and closed at 1.5679, following the release of better-than-expected US employment data while weak data on UK industrial production weighed on Sterling.
On the economic front, output prices in the UK rose 4.1% (YoY) in February, compared to a 4.0% rise recorded in January. Additionally, industrial production in the UK fell 0.4% (MoM) in January, while manufacturing production rose 0.1% (MoM) in January.
According to the National Institute of Economic and Social Research (NIESR) estimation, UK’s Gross Domestic Product (GDP) rose 0.1% in the three months to February.
In the Asian session, at GMT0400, the pair is trading at 1.5673, with the GBP trading 0.04% lower from Friday’s close.
The pair is expected to find support at 1.5611, and a fall through could take it to the next support level of 1.5550. The pair is expected to find its first resistance at 1.5781, and a rise through could take it to the next resistance level of 1.5890.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
