GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.24% against the USD and closed at 1.5643, after reports showed a rise in services Purchasing Manager’ Index (PMI) in the UK. The services PMI in the UK rose to 52.1 in November, compared to 51.3 in the previous month. Additionally, the business activity index in the UK rose to 52.1 in November, compared to 51.3 in October. The UK Government’s net reserves declined by $249.0 million to $45.56 billion in November, compared to a total reserve of $45.81 billion in October.
In the Asian session, at GMT0400, the pair is trading at 1.5626, with the GBP trading 0.11% lower from yesterday’s close, after the British Retail Consortium (BRC) reported that the retail sales declined 1.6% (YoY) in November.
The pair is expected to find support at 1.5570, and a fall through could take it to the next support level of 1.5514. The pair is expected to find its first resistance at 1.5700, and a rise through could take it to the next resistance level of 1.5774.
Trading trends in the pair today are expected to be determined by Halifax house price data release in the UK.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
