GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.38% against the USD and closed at 1.5322.
Industrial production in the UK rose 1.0% (MoM) in February, compared to a 1.3% drop recorded in the previous month, while manufacturing production edged up 0.8% (MoM) in February, compared to a revised 1.9% decline in January. However, total trade deficit increased to £3.642 billion in February, from a revised £2.494 billion deficit recorded in the previous month.
The Pound also rose after the National Institute of Economic and Social Research (NIESR) indicated that the gross domestic product in the UK grew 0.10% in the three months ending in March.
In the Asian session, at GMT0300, the pair is trading at 1.5335, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.5276, and a fall through could take it to the next support level of 1.5216. The pair is expected to find its first resistance at 1.5369, and a rise through could take it to the next resistance level of 1.5402.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
