GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell slightly against the USD and closed at 1.5343. The Pound traded higher earlier, on the back of inspiring industrial and manufacturing production data in UK for June.
Industrial production climbed 1.1% (MoM) in June, compared to a flat change recorded in May, while manufacturing production rose 1.9% (MoM) in June, from a revised 0.7% drop recorded in the previous month.
In a separate report, the National Institute of Economic and Social Research reported that, Britain’s economy grew 0.7% in the three months ending in July, driven by consumer spending.
In the Asian session, at GMT0300, the pair is trading at 1.5328, with the GBP trading 0.10% lower from yesterday’s close, amid market speculation that the Bank of England (BoE) would provide hints for long period of lower rates in its Inflation Report to be released later today.
The pair is expected to find support at 1.5300, and a fall through could take it to the next support level of 1.5271. The pair is expected to find its first resistance at 1.5375, and a rise through could take it to the next resistance level of 1.5421.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
