UK’s Industrial And Manufacturing Production Declined In November
For the 24 hours to 23:00 GMT, the GBP declined 0.76% against the USD and closed at 1.4437, on the back of downbeat economic data in the UK.
Data showed that, UK’s industrial production declined at the fastest pace in almost three years dropping 0.7% on a monthly basis in November while markets expected it to remain flat and compared to a previous month’s gain of 0.1%. Additionally, the nation’s manufacturing production fell for the second straight month dropping 0.4% MoM in November, thus dampening optimism over the country’s economic outlook. Meanwhile, markets had expected it to rise by 0.1%compared to previous month’s fall of 0.4%.
Separately, UK’s leading think tanker NIESR estimated that the nation’s economy expanded 0.6% for the 3 months ended in December, compared to a similar growth recorded in the preceding quarter.
In the Asian session, at GMT0400, the pair is trading at 1.4462, with the GBP trading 0.17% higher from yesterday’s close.
The pair is expected to find support at 1.4362, and a fall through could take it to the next support level of 1.4261. The pair is expected to find its first resistance at 1.4553, and a rise through could take it to the next resistance level of 1.4644.
Amid no economic releases in the UK today, investor sentiment would be determined by global macroeconomic news.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.