GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose marginally against the USD and closed at 1.5990.
On the economic front, industrial production in the UK fell 1.7% (MoM) in September, compared to a 0.5% drop in August. Additionally, on a seasonally adjusted basis, house prices in the UK fell 0.7% (MoM) in October, following a 0.4% drop recorded in September. Meanwhile, The National Institute of Economic and Social Research (NIESR) estimated that the Gross Domestic Product (GDP) in the UK rose 0.5% in the three months ending in October, compared to an upwardly revised 1.0% growth recorded in the three months to the end of September.
In the Asian session, at GMT0400, the pair is trading at 1.6028, with the GBP trading 0.24% higher from yesterday’s close.
Data released today morning indicated that the British Retail Consortium’s annual shop price inflation in the UK rose to 1.5% in October, compared to a 1.0% growth posted in September.
The pair is expected to find support at 1.5983, and a fall through could take it to the next support level of 1.5938. The pair is expected to find its first resistance at 1.6055, and a rise through could take it to the next resistance level of 1.6082.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
