GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.1% against the USD and closed at 1.4064, aided by a surprise rise in British manufacturing sector activity.
Data indicated that UK’s Markit manufacturing PMI recorded an unexpected rise to a level of 55.1 in March, defying market expectations for a fall to a level of 54.7. The PMI had registered a revised reading of 55.0 in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.4086, with the GBP trading 0.16% higher against the USD from yesterday’s close.
Overnight data revealed that Britain’s BRC shop price index fell 1.0% on an annual basis in March, declining at its fastest pace in more than a year and following a drop of 0.8% in the preceding month.
The pair is expected to find support at 1.4039, and a fall through could take it to the next support level of 1.3992. The pair is expected to find its first resistance at 1.4115, and a rise through could take it to the next resistance level of 1.4144.
Trading trend in the Pound today is expected to be determined by the release of UK’s Markit construction PMI for March, set to release in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
