GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.85% against the USD, on Friday, and closed at 1.6226.
In the UK, the industrial production, on monthly basis, declined by 1.7% in April, following a 0.2% increase in March. The manufacturing production declined by 1.5% (M-o-M) in April, following a 0.2% increase in the previous month. Additionally, the producer price index input rose by 15.7% (Y-o-Y) in May 2011, compared to 17.9% rise in the same period last year. The producer price index output rose by 5.3% (Y-o-Y) in May 2011, compared to 5.5% increase in the same period last year.
Moreover, National Institute of Economic and Social Research (NIESR) reported that, the gross domestic product (GDP) rose 0.4% in the three months ended May, compared to a 0.1% rise recorded for the three months ended April.
The pair opened the Asian session at 1.6223, and is trading at 1.6234 at 3.00GMT. The pair is trading 0.05% higher from Friday’s close at 23:00 GMT.
The pair has its first short term resistance at 1.6333, followed by the next resistance at 1.6431. The first support is at 1.6174, with the subsequent support at 1.6113.
Trading trends in the pair today are expected to be determined by release of data on RICS house price balance in the UK.
The currency pair is trading just below its 20 Hr moving average and its 50 Hr moving average.
