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UK Should Address Weak Productivity: IMF

For the 24 hours to 23:00 GMT, the GBP rose 0.62% against the USD and closed at 1.4002.

Yesterday, the International Monetary Fund (IMF) warned that Britain must focus on improving its productivity and international competitiveness in order to weather the shock of Brexit. Further, the Fund noted that weak domestic demand owing to rising inflation has asserted downward pressure on the nation’s economic growth.

In the Asian session, at GMT0400, the pair is trading at 1.4016, with the GBP trading 0.1% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.3870, and a fall through could take it to the next support level of 1.3724. The pair is expected to find its first resistance at 1.4092, and a rise through could take it to the next resistance level of 1.4168.

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.

GCI Financial
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