GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP traded a tad higher against the USD and closed at 1.5364, following upbeat Markit construction PMI data in the UK.
Britain’s Markit construction PMI surprisingly surged to a 4-month high level of 60.1, notching its 22nd consecutive month of expansion in February and compared to previous month’s reading of 59.1. Market expectations were for it to drop to a reading of 59.0.
In the Asian session, at GMT0400, the pair is trading at 1.5356, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.5333, and a fall through could take it to the next support level of 1.5311. The pair is expected to find its first resistance at 1.5389, and a rise through could take it to the next resistance level of 1.5423.
Trading trends in the Pound today are expected to be determined by UK’s Markit services PMI data, scheduled in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
