GBP/USD: UK’s manufacturing sector growth came in weaker-than-expected in December


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 0.58% against the USD and closed at 1.3592.

Macroeconomic data revealed that Britain’s Markit manufacturing PMI dropped more-than-expected to a level of 56.3 in December, after recording a four-year high level of 58.2 in the prior month, while markets were expecting for a fall to a level of 57.9.

In the Asian session, at GMT0400, the pair is trading at 1.3596, with the GBP trading marginally higher against the USD from yesterday’s close.

The pair is expected to find support at 1.3538, and a fall through could take it to the next support level of 1.3479. The pair is expected to find its first resistance at 1.363, and a rise through could take it to the next resistance level of 1.3663.

Moving ahead, traders would closely monitor UK’s Markit construction PMI for December, scheduled to release in a few hours.

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

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