GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.41% against the USD and closed at 1.6326.
In the UK, construction PMI rose to 56.5 in February compared to 53.7 in January. In the US, private sector employment increased by 217,000 jobs in February, following an upwardly revised increase of 189,000 jobs posted in January.
The pair opened the Asian session at 1.6326, and is trading at 1.6327 at 4.00GMT. The pair is trading 0.01% higher from the New York session close.
The pair has its first short term resistance at 1.6374, followed by the next resistance at 1.6421. The first support is at 1.6250, with the subsequent support at 1.6173.
Investors are eying MPC member, Charles Bean’s speech and services PMI in the UK, to be released later today.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
