GBP/USD: UK’s services PMI touches 3-month high level in March


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 0.4% against the USD and closed at 1.2486, after latest data indicated that UK’s service sector activity grew more-than-expected in March.

Britain’s Markit services PMI advanced to a level of 55.0 in March, soaring to its highest level in three months, compared to market consensus of an advance to a level of 53.5, thus easing some worries that the nation’s economy is losing momentum. The PMI had recorded a reading of 53.3 in the prior month.

In the Asian session, at GMT0300, the pair is trading at 1.2479, with the GBP trading 0.06% lower against the USD from yesterday’s close.

The pair is expected to find support at 1.2433, and a fall through could take it to the next support level of 1.2386. The pair is expected to find its first resistance at 1.2513, and a rise through could take it to the next resistance level of 1.2546.

With no economic releases in Britain today, investor sentiment would be governed by global macroeconomic events.

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

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