GBP/USD: UK’s services sector growth slowest in 5-months in February


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 0.1% against the USD and closed at 1.2278 on Friday.

Macroeconomic data showed that Britain’s Markit services PMI eased more-than-expected to a level of 53.3 in February, hitting its lowest level in five-months, suggesting that UK’s economy may be losing momentum in 2017, after showing unexpected resilience post the historic Brexit vote. Investors expected the PMI to fall to a level of 54.1, after registering a level of 54.5 in the previous month.

In the Asian session, at GMT0400, the pair is trading at 1.2283, with the GBP trading marginally higher against the USD from Friday’s close.

The pair is expected to find support at 1.2230, and a fall through could take it to the next support level of 1.2177. The pair is expected to find its first resistance at 1.2318, and a rise through could take it to the next resistance level of 1.2353.

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

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

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