GBP/USD: UK’s services sector activity unexpectedly climbed in September


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP slightly rose against the USD and closed at 1.3242.

Macroeconomic data revealed that Britain’s Markit services PMI surprisingly advanced to a level of 53.6 in September, soothing worries about a Brexit-induced economic slowdown. Markets were anticipating the PMI to remain steady at a level of 53.2 recorded in the prior month.

In the Asian session, at GMT0300, the pair is trading at 1.3239, with the GBP trading marginally lower against the USD from yesterday’s close.

The pair is expected to find support at 1.3215, and a fall through could take it to the next support level of 1.319. The pair is expected to find its first resistance at 1.3278, and a rise through could take it to the next resistance level of 1.3316.

In absence of any macroeconomic releases in the UK today, investor sentiment would be governed by global macroeconomic events.

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

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