GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 1.14% against the USD and closed at 1.5037.
In economic news, UK’s manufacturing production rose more-than-expected by 0.8% MoM, increasing at its fastest pace in 19 months in September, from an upwardly revised 0.4% in the previous month. Investors had expected it to climb 0.6%. However, the nation’s industrial production fell more-than-expected by 0.2% MoM in September, from a rise of 0.9% in the previous month. Investors had expected it to decline 0.1%.
Separately, UK’s NIESR GDP estimate rose 0.6% during the August-October 2015 period, compared to a rise of 0.5% in the July-September 2015 period, indicating reasonable economic growth in the nation in 4Q 2015. Meanwhile, UK’s total trade deficit narrowed to a level of £1.4 billion in September, from an upwardly revised reading of £2.9 billion in August.
In the Asian session, at GMT0400, the pair is trading at 1.5068, with the GBP trading 0.21% higher from Friday’s close.
The pair is expected to find support at 1.4991, and a fall through could take it to the next support level of 1.4914. The pair is expected to find its first resistance at 1.5182, and a rise through could take it to the next resistance level of 1.5295.
Moving ahead, investors will keep an eye on UK’s ILO unemployment rate data for September, scheduled to be released this week.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
