UK GDP Came in at 0.3%, GBPUSD at Daily High
The UK Gross Domestic Product, month over month, came in at 0.3% in line with forecasts for May.
The Industrial Production came in at 0.9%, worse than expectations of 1.1% in May.
The Trade Balance; non-EU registered at £-4.905 billion, below analysts’ forecasts of £-4.7 billion in May.
The Industrial Production, month over month, came in at 1.4% also below expectations of 1.5% in May.
GBPUSD rose 0.15%, making daily high at 1.2480, after the news. On technical side the bearish momentum persists as the pair trading below all the major hourly and daily moving averages. Support for the pair stands at today’s low at 1.2443 and then at 1.2395 the low from April 2017. On the upside immediate resistance stands at 1.2485 the 50 hour moving average and if the pair manages to close above it might continue with an attempt to 1.2518 the 100 hour moving average.Don’t miss a beat! Follow us on Twitter.