The Pound gained versus the Dollar after Conservatives' Cameron was appointed the new Prime Minister after Gordon Brown's resignation. Manufacturing Production came out stronger than expected with 2.3% versus 0.3% forecast. NIESR GDP Estimate came out 0.5%. Overall, GBP/USD traded with a low of 1.4719 and a high of 1.5004. GBP/USD is still on a downtrend and as long as the pair is below the 1.51 level and the 50 day moving averages it remains bearish. Today, Claimant Count Change is expected with -20.1K versus -32.9K prior. BOE Inflation Report will be released and Governor King will speak in London.

GBP/USD - Last: 1.4915

Resistance

1.5000

1.5055

Support

1.4870

1.4770

1.4655

width=450