GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.28% against the USD and closed at 1.5260, following upbeat assessment of the UK economy by the NIESR.
The NIESR estimated that Britain’s economy grew 0.7% in the three months to January, compared to a revised advance of 0.5% in the August-October 2014 period.
In other economic news, manufacturing production in the UK rose 2.4% YoY in December, beating market forecasts for an increase of 2.0%. It had advanced 3.0% in the prior month. Meanwhile, industrial production dropped 0.2% MoM in December, worse than market expectations of a drop of 0.1%.
In the Asian session, at GMT0400, the pair is trading at 1.5249, with the GBP trading 0.07% lower from yesterday’s close.
The pair is expected to find support at 1.5204, and a fall through could take it to the next support level of 1.5159. The pair is expected to find its first resistance at 1.5286, and a rise through could take it to the next resistance level of 1.5323.
Amid no economic releases in the UK today, investors would keep an eye on the BoE’s crucial quarterly inflation report, scheduled for tomorrow and followed by the BoE Governor, Mark Carney’s speech.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
