GBP/USD: Britain’s services sector growth deteriorated in November


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.42% against the USD and closed at 1.3417, after UK’s services sector disappointed with a weaker-than-expected performance in November.

Data revealed that UK’s Markit services PMI eased more-than-expected to a level of 53.8 in November, down from a six-month high level of 55.6 in October, as uncertainty over political developments in the nation dented business sentiments. Meanwhile, markets had envisaged the PMI to fall to a level of 55.0.

In the Asian session, at GMT0400, the pair is trading at 1.3435, with the GBP trading 0.13% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.3379, and a fall through could take it to the next support level of 1.3322. The pair is expected to find its first resistance at 1.3484, and a rise through could take it to the next resistance level of 1.3532.

In the absence of any macroeconomic news in Britain today, investor sentiment would be governed by global macroeconomic factors.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

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