GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.17% against the USD and closed at 1.5619, after the UK industrial and manufacturing production fell less-than-expected in June.
In the UK, industrial production fell 2.5% (MoM) in June, against the expectations for a 3.4% fall, while manufacturing production retreated 2.9% (MoM) in June, against the expected 4.1% fall.
Meanwhile, the National Institute of Economic and Social Research (NIESR) stated that the UK economy shrank 0.2% in the three months to the end of the July, following a 0.7% contraction in the three months to the end of June.
In the Asian session, at GMT0300, the pair is trading at 1.5615, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.5558, and a fall through could take it to the next support level of 1.5501. The pair is expected to find its first resistance at 1.5678, and a rise through could take it to the next resistance level of 1.5741.
Investors are eyeing Bank of England Inflation report to offer guidelines to the pair.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
