GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.49% against the USD and closed at 1.5843, after the UK manufacturing index surged to an eight month high in January.
In economic news, the manufacturing Purchasing Managers’ Index (PMI) in the UK rose to 52.1 in January, marking the highest level in eight months. Meanwhile, Nationwide reported that house prices in the UK declined 0.2% (MoM) in January.
In the Asian session, at GMT0400, the pair is trading at 1.5853, with the GBP trading 0.06% higher from yesterday’s close.
The pair is expected to find support at 1.5746, and a fall through could take it to the next support level of 1.5638. The pair is expected to find its first resistance at 1.5922, and a rise through could take it to the next resistance level of 1.5991.
Trading trends in the pair today are expected to be determined by the release of construction Purchasing Manager Index in the UK.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
