GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.32% against the USD and closed at 1.2338, amid hopes for a Brexit deal.
Data showed that the UK’s services PMI contracted to a level of 49.5 in September, declining at its fastest pace since 2009 and compared to a level of 50.6 in the prior month. Market participants had anticipated the PMI to drop to a level of 50.3.
In the Asian session, at GMT0300, the pair is trading at 1.2351, with the GBP trading 0.11% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2274, and a fall through could take it to the next support level of 1.2196. The pair is expected to find its first resistance at 1.2421, and a rise through could take it to the next resistance level of 1.2490.
Looking ahead, traders would keep an eye on UK’s Halifax house price index, industrial production, manufacturing production, total trade balance and gross domestic product, all set to release next week.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
