GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.60% against the USD and closed at 1.5576, after the National Institute for Economic & Social Research (NIESR) stated that the UK economy has emerged from recession in May.
The NIESR reported that the gross domestic product (GDP) in the UK rose 0.1% in the quarter to May, following five consecutive periods of contraction.
On the economic front, industrial production in the UK fell 1.0% (YoY) in April, in line with the market expectation. Separately, manufacturing production in the nation fell more-than-expected by 0.7% (MoM) in April, against the market expectation of a 0.2% fall.
In the Asian session, at GMT0300, the pair is trading at 1.5550, with the GBP trading 0.17% lower from yesterday’s close.
The pair is expected to find support at 1.5472, and a fall through could take it to the next support level of 1.5395. The pair is expected to find its first resistance at 1.5609, and a rise through could take it to the next resistance level of 1.5669.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
