GBP/USD: Pound trading on a stronger footing, ahead of UK’s manufacturing PMI


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 0.81% against the USD and closed at 1.3522, following news that the European Union leaders are set to offer a two-year Brexit transition deal as early as January after negotiators over the Northern Ireland border were nearing fruition.

In economic news, UK’s seasonally adjusted Nationwide house prices climbed 0.1% on a monthly basis in November, in line with market expectations and compared to a rise of 0.2% in the prior month.

In the Asian session, at GMT0400, the pair is trading at 1.3531, with the GBP trading 0.07% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.3459, and a fall through could take it to the next support level of 1.3386. The pair is expected to find its first resistance at 1.3577, and a rise through could take it to the next resistance level of 1.3622.

Going ahead, investors would focus on Britain’s Markit manufacturing PMI for November, slated to release in a few hours.

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

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