GBP/USD: UK’s services sector expanded at its fastest rate in six months in October


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 0.16% against the USD and closed at 1.3074 on Friday, following robust UK Markit services PMI data.

Data showed that Britain’s services sector unexpectedly rose to 55.6 in October, compared to a reading of 53.6 reported in the previous month. Markets were expecting the index to fall to a level of 53.3. The growth in UK’s dominant sector was led by an advance in order books and strong client demand.

In the Asian session, at GMT0400, the pair is trading at 1.3077, with the GBP trading marginally higher from Friday’s close.

The pair is expected to find support at 1.3034, and a fall through could take it to the next support level of 1.2991. The pair is expected to find its first resistance at 1.3126, and a rise through could take it to the next resistance level of 1.3175.

Amid a lack of major economic releases in the UK today, trading trends in the currency pair would be determined by global economic factors.

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

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