GBPUSD Movement
On Friday, for the 24 hours to 23:00 GMT, GBP fell 0.07% against the USD and closed at 1.6038, as a string of disappointing UK economic data provided further evidence of bleak UK economic picture.
Data released in the UK showed that industrial production fell 0.8% (MoM) in October, while manufacturing production eased 1.3% (MoM) in October
In the Asian session, at GMT0400, the pair is trading at 1.6022, with the GBP trading 0.10% lower from Friday’s close.
Today morning, the Lloyds employment confidence index in the UK declined to a reading of -42.0 in November, from a reading of -35.0 posted in October.
The pair is expected to find support at 1.5996, and a fall through could take it to the next support level of 1.597. 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 1.6087.
With no other major domestic economic releases today, the British Pound is likely to respond to the prevalent risk sentiment in the market.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
