GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.09% against the USD and closed at 1.2883,
In economic news, UK’s leading think tanker, NIESR estimated that UK’s gross domestic product rose by 0.6% in the April-June 2016 period, compared to a similar revised rise recorded in the previous quarter. In other economic news, UK’s industrial production dropped less-than-expected by 0.5% MoM in May, compared to market expectations for a fall of 1.0% and after recording a revised gain of 2.1% in the previous month. Additionally, the nation’s manufacturing production declined less-than-anticipated by 0.5% on a monthly basis in May, after recording a revised advance of 2.4% in the previous month and compared to market expectation for a fall of 1.2%.
In the Asian session, at GMT0300, the pair is trading at 1.2945, with the GBP trading 0.48% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2865, and a fall through could take it to the next support level of 1.2785. The pair is expected to find its first resistance at 1.3036, and a rise through could take it to the next resistance level of 1.3127.
Moving ahead, UK’s total trade balance data for May, scheduled to release in a few hours, will be on investor’s radar.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
