GBP/USD: Britain’s service sector activity eased in September


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.27% against the USD and closed at 1.2947.

On the data front, UK’s services PMI dropped to a level of 53.9 in September, compared to a level of 54.3 in the prior month. Market participants had envisaged the PMI to decline to a level of 54.0.

In the Asian session, at GMT0300, the pair is trading at 1.2932, with the GBP trading 0.12% lower against the USD from yesterday’s close.

The pair is expected to find support at 1.2895, and a fall through could take it to the next support level of 1.2858. The pair is expected to find its first resistance at 1.2996, and a rise through could take it to the next resistance level of 1.3060.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

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