For the 24 hours to 23:00 GMT, the GBP declined 0.31% against the USD and closed at 1.3114.
On macro front, UK’s gross domestic product (GDP) remained flat in the three months to October, marking its slowest economic growth since March 2012 and defying market consensus for a rise of 0.1%. In the prior month, GDP had recorded a drop of 0.1%. Additionally, the nation’s visible trade deficit widened to £14.5 billion in October, compared to a revised deficit of £11.5 billion in the prior month. Further, Britain’s industrial production dropped 1.3% on a yearly basis in October, compared to a decline of 1.4% in the prior month. Market participants had anticipated industrial production to fall 1.2%. However, manufacturing production eased 1.2% on an annual basis in October, less than market expectations for a drop to a level of 1.5%. In the previous month, manufacturing production had registered a decline of 1.8%.
In the Asian session, at GMT0400, the pair is trading at 1.3139, with the GBP trading 0.19% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.3093, and a fall through could take it to the next support level of 1.3047. The pair is expected to find its first resistance at 1.3200, and a rise through could take it to the next resistance level of 1.3261.
Amid lack of economic releases in UK today, traders would focus on global macroeconomic events for further direction.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
