GBPUSD Movement
For the 24 hours to 23:00 GMT on Friday, GBP rose 0.51% against the USD and closed at 1.6010, after the release of positive economic data from the UK.
In the UK, on a seasonally adjusted basis, manufacturing production rose more-than-expected 3.2% (MoM) in July, from a 2.9% decline in June. Additionally, industrial production rose 2.9% (MoM) in July, following 2.4% fall in June. Moreover, on a month-on-month basis, producer price input inflation rose to a seasonally adjusted 2.0% in August, while output price inflation in accelerated to 0.5% in August
Late Friday, the National Institute of Economic and Social Research (NISER) in its latest estimate stated that the UK gross domestic product (GDP) rose 0.2% in the three months through August, compared to 0.3% rise in the three months through July.
In the Asian session, at GMT0300, the pair is trading at 1.5992, with the GBP trading 0.11% lower from Friday’s close.
This morning, in the UK, Lloyds employment confidence rose to a reading of to -43.0 in August, compared to -51.0 in July.
The pair is expected to find support at 1.5932, and a fall through could take it to the next support level of 1.5872. The pair is expected to find its first resistance at 1.6043, and a rise through could take it to the next resistance level of 1.6094.
In the day ahead, investors await RICS house price balance data in the UK.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
