GBP/USD: UK’s construction sector activity picks up pace in February


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.24% against the USD and closed at 1.2266.

In economic news, Britain’s Markit construction PMI unexpectedly rose to a level of 52.5 in February, compared to market expectations of a drop to a level of 52.0. In the prior month, the PMI had recorded a reading of 52.2.

In the Asian session, at GMT0400, the pair is trading at 1.2271, with the GBP trading marginally higher from yesterday’s close.

The pair is expected to find support at 1.2239, and a fall through could take it to the next support level of 1.2206. The pair is expected to find its first resistance at 1.2305, and a rise through could take it to the next resistance level of 1.2338.

Moving ahead, UK’s Markit services PMI for February, set to release in a few hours will garner significant amount of market attention.

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

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