GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.22% against the USD and closed at 1.5977.
The Bank of England held its key rate unchanged at 0.5% and maintained bond purchase program at £200 billion.
In the UK, the manufacturing production rose by 1.8% (M-o-M) in May, following a 1.6% decrease in April. Additionally, the industrial production, increased by 0.9% (M-o-M) in May, following a 1.7% decline in April.
Meanwhile, the National Institute of Economic and Social Research (NIESR) estimated that gross domestic product (GDP) grew 0.1% in the three months ending in June following an increase of 0.4 % recorded in the three months ending in May.
The pair opened the Asian session at 1.5977, and is trading at 1.5956 at 3.00GMT. The pair is trading 0.13% lower from yesterday’s close at 23:00 GMT.
The pair has its first short term resistance at 1.6003, followed by the next resistance at 1.6050. The first support is at 1.5924, with the subsequent support at 1.5892.
Trading trends in the pair today are expected to be determined by release of Producer Price Index in the UK.
The currency pair is trading just below its 20 Hr and its 50 Hr moving averages.
