GBP/USD: Pound trading lower this morning ahead of Britain’s manufacturing PMI


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 0.61% against the USD and closed at 1.3287, amid news that the EU’s Chief Brexit negotiator, Michel Barnier, indicated that he was ready to speed up talks with the UK. He further stated that the next round of Brexit talks would be set “in next few hours or days”.

In another report, the UK government agreed to appoint an additional 5,000 staff for post-Brexit planning.

In the Asian session, at GMT0400, the pair is trading at 1.3274, with the GBP trading 0.10% lower from yesterday’s close.

The pair is expected to find support at 1.3216, and a fall through could take it to the next support level of 1.3157. The pair is expected to find its first resistance at 1.3313, and a rise through could take it to the next resistance level of 1.3351.

Trading trends in the pair today are expected to be determined by UK’s manufacturing PMI figures for October, scheduled to be released in a few hours.

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

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