GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.22% against the USD and closed at 1.6092, after the release of upbeat manufacturing data in the UK.
In the UK, the industrial production remained flat in September, following a 0.3% increase in August. Meanwhile, the manufacturing production rose 0.2% (M-o-M) in September, compared to 0.3% decrease in August.
In the Asian session, at GMT0400, the pair is trading at 1.6102, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.6048, and a fall through could take it to the next support level of 1.5995. The pair is expected to find its first resistance at 1.6143, and a rise through could take it to the next resistance level of 1.6185.
Trading trends in the pair today are expected to be determined by release of trade balance data in the UK.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
