For the 24 hours to 23:00 GMT, the GBP declined 3.95% against the USD and closed at 1.2513.
On the data front, UK’s manufacturing production rose 0.5% on a monthly basis in February, more than market expectations for a rise of 0.1% and compared to a revised rise of 0.4% in the prior month. Additionally, industrial production advanced 0.1% on a monthly basis, in line with market forecast and compared to a revised rise 0.2% in the prior month. Meanwhile, total trade deficit stood at £2.79 billion in February, compared to a revised surplus of £2.41 billion in the previous month. Furthermore, gross domestic product (GDP) unexpectedly dropped 0.1% on a monthly basis in February, compared to a revised rise of 0.1% in the earlier month. Moreover, the NIESR GDP estimate eased 4.8% in the three months ended March, compared to a revised rise of 0.1% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.2559, with the GBP trading 0.37% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2492, and a fall through could take it to the next support level of 1.2425. The pair is expected to find its first resistance at 1.2595, and a rise through could take it to the next resistance level of 1.2631.
With no macroeconomic releases in UK today, investor sentiment would be determined by global macroeconomic news.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
