GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.24% against the USD and closed at 1.2152 on Friday.
Data showed that UK’s construction PMI rose to a level of 45.3 in July, less than market consensus for a rise to a level of 46.0. In the prior month, the PMI had recorded a reading of 43.1.
In the Asian session, at GMT0300, the pair is trading at 1.2147, with the GBP trading slightly lower against the USD from Friday’s close.
The pair is expected to find support at 1.2096, and a fall through could take it to the next support level of 1.2045. The pair is expected to find its first resistance at 1.2193, and a rise through could take it to the next resistance level of 1.2239.
Trading trend in the Sterling today, is expected to be determined by UK’s Markit/CIPS services PMI for July, scheduled to release in a few hours
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
