GBPUSD Movement
For the 24 hours to 23:00 GMT on Friday, GBP fell 0.19% against the USD and closed at 1.6134, amid disappointing UK economic data.
On Friday, the annual industrial production fell 2.4% in November, against the expectations of a 1.9% fall and following a 3.0% drop in October. Additionally, manufacturing output decreased unexpectedly by 0.3% in November, after easing 1.3% in the previous month. Market had expected the manufacturing output to grow 0.5%. Annually, manufacturing output retreated 2.1% in November, compared to October’s revised 2.0% decline. Separately, the National Institute of Economic and Social Research reported that UK’s gross domestic product dropped 0.3% in the 4Q FY2012, following a 0.9% increase estimated in the previous year.
In the Asian session, at GMT0400, the pair is trading at 1.6144, with the GBP trading marginally higher from Friday’s close.
The pair is expected to find support at 1.6099, and a fall through could take it to the next support level of 1.6053. The pair is expected to find its first resistance at 1.6180, and a rise through could take it to the next resistance level of 1.6216.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
