GBP/USD: UK construction sector contracted at its slowest pace in 8 months in January


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.43% against the USD and closed at 1.3031, amid continuing concerns surrounding the Brexit deal.

On the macro front, Britain’s Markit construction PMI advanced to a level of 48.40 in January, as political uncertainty receded following the general election. In the previous month, the construction PMI had registered a level of 44.40.

In the Asian session, at GMT0400, the pair is trading at 1.3021, with the GBP trading 0.08% lower against the USD from yesterday’s close.

The pair is expected to find support at 1.2959, and a fall through could take it to the next support level of 1.2897. The pair is expected to find its first resistance at 1.3065, and a rise through could take it to the next resistance level of 1.3109.

Trading trend in the pair today is expected to be determined by UK’s Markit services PMI for January, slated to release in a few hours.

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

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