GBPUSD Movement
On Friday, GBP marginally declined 0.45% against the USD and closed at 1.4646.
In economic news, industrial production in the UK registered a rise of 0.10% on a monthly basis, lower than market expectations for an advance of 0.30% and following a drop of 0.10% in the prior month. Meanwhile, manufacturing production advanced 0.40% MoM in February, in line with market expectations and compared to a revised fall of 0.60% in the previous month.
Separately, the NIESR estimated that GDP in the UK climbed 0.60% in the January-March 2015 period. In the October-December 2014 period, the NIESR had estimated a similar rise.
In the Asian session, at GMT0300, the pair is trading at 1.4617, with the GBP trading 0.2% lower from Friday’s close.
The pair is expected to find support at 1.4562, and a fall through could take it to the next support level of 1.4507. The pair is expected to find its first resistance at 1.4697, and a rise through could take it to the next resistance level of 1.4777.
Going forward, market participants keenly await Britain’s crucial CPI data, scheduled tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
