GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.28% against the USD and closed at 1.6755. However, earlier during the day, the British Pound rose for a brief period of time after manufacturing production in the UK economy rose 4.4% (YoY) for the fifth-consecutive month while industrial production grew at the fastest annual pace since January 2011 in April. Separately, the National Institute of Economic and Social Research (NIESR), in its monthly estimate report, revealed that the UK GDP grew by 0.9% in the three months ended May, 0.2% above its January-2008 pre-crisis level.
In the Asian session, at GMT0300, the pair is trading at 1.6745, with the GBP trading 0.06% lower from yesterday’s close.
The pair is expected to find support at 1.6716, and a fall through could take it to the next support level of 1.6687. The pair is expected to find its first resistance at 1.6796, and a rise through could take it to the next resistance level of 1.6847.
Traders keenly await UK’s claimant count and the ILO unemployment data, for further cues in the Pound.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
