GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.50% against the USD and closed at 1.5644, as the UK industrial production data impressed investors. On the economic front, UK’ industrial production exceeded market expectations by recording a monthly 0.1% rise in April, however manufacturing production figures disappointed, following a monthly 0.2% drop in April. Later, in the National Institute of Economic and Social Research (NIESR)’s monthly estimate, the UK Gross Domestic Product (GDP) increased by 0.6% in the three months ending in May.
In the Asian session, at GMT0300, the pair is trading at 1.5644, with the GBP trading flat from yesterday’s close.
The pair is expected to find support at 1.5559, and a fall through could take it to the next support level of 1.5473. The pair is expected to find its first resistance at 1.5692, and a rise through could take it to the next resistance level of 1.5739.
Later today UK’s employment picture shall get more vivid following the release of the claimant count change, claimant count rate and the ILO unemployment rate data.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
