GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.62% against the USD and closed at 1.5444.
The Bank of England (BoE), in its monetary policy meeting yesterday, kept its benchmark interest rates unchanged at 0.5%, in line with market expectations and maintained its asset purchase facility at £375 billion.
A report earlier indicated that, industrial production in the UK increased more-than-expected by 0.7% (MoM) in March, following a revised 0.9% increase recorded in the previous month. Market had expected a rise of 0.2%. Meanwhile, manufacturing rose 1.1% (MoM) in March, following a revised 0.7% growth in the previous month.
At the same time the National Institute of Economic and Social Research (NIESR) indicated that, the UK economy grew by 0.8% in the three months to April, higher than the upwardly revised 0.3% growth previously recorded in the three months ending March.
In the Asian session, at GMT0300, the pair is trading at 1.5446, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.5384, and a fall through could take it to the next support level of 1.5323. The pair is expected to find its first resistance at 1.5548, and a rise through could take it to the next resistance level of 1.5651.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
