GBP/USD: Pound trading a tad lower, ahead of Britain’s manufacturing PMI data


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.51% against the USD and closed at 1.2375.

In the Asian session, at GMT0400, the pair is trading at 1.2369, with the GBP trading marginally lower against the USD from yesterday’s close.

Overnight data indicated that UK’s BRC shop price index dropped 1.0% on an annual basis in February, less than market expectations for a fall of 1.4% and following a decline of 1.7% in the prior month.

The pair is expected to find support at 1.2329, and a fall through could take it to the next support level of 1.2290. The pair is expected to find its first resistance at 1.2439, and a rise through could take it to the next resistance level of 1.2510.

Moving ahead, UK’s Markit manufacturing PMI for February accompanied with consumer credit and mortgage approvals data, both for January, slated to release in a few hours, will be on investor’s radar.

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

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