GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.05% against the USD and closed at 1.3003 on Friday.
In economic news, UK’s preliminary gross domestic product (GDP) advanced 0.5% on a quarterly basis in 1Q 2019, meeting market expectations. The GDP had risen 0.2% in the prior quarter. Moreover, Britain’s industrial production rose 0.7% on a monthly basis in March, compared to a gain of 0.6% in the previous month. Market participants had expected industrial production to record a climb of 0.1%. Further, the manufacturing production jumped 2.6% on a yearly basis in March, surpassing market consensus for an advance of 1.1%. In the prior month, manufacturing production had recorded a revised rise of 1.2%. Additionally, the nation’s construction output climbed 3.2% on an annual basis in March, compared to a revised similar rise in the previous month. Market participants had anticipated construction output to register an increase of 4.5%.
Meanwhile, UK’s total trade deficit widened to £5.4 billion in March, from a revised deficit of £6.2 billion in the previous month. Market participants had envisaged the nation to record a deficit of £4.6 billion.
In the Asian session, at GMT0300, the pair is trading at 1.3014, with the GBP trading 0.08% higher against the USD from Friday’s close.
The pair is expected to find support at 1.2987, and a fall through could take it to the next support level of 1.2961. The pair is expected to find its first resistance at 1.3044, and a rise through could take it to the next resistance level of 1.3075.
Amid no major economic news in the UK today, investors would focus on global macroeconomic factor for further direction.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
