GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.08% against the USD on Friday and closed at 1.5818, after the service sector Purchasing Managers’ Index (PMI) in the UK rose unexpectedly to 56.0 in January, marking its highest level in ten months.
Additionally, the UK government’s gross reserves rose to $96.38 billion in January from $93.85 billion reported in December.
In the Asian session, at GMT0400, the pair is trading at 1.5778, with the GBP trading 0.25% lower from Friday’s close.
The pair is expected to find support at 1.5732, and a fall through could take it to the next support level of 1.5686. The pair is expected to find its first resistance at 1.5842, and a rise through could take it to the next resistance level of 1.5906.
Investors are awaiting Halifax House Prices data in the UK later today.
The currency pair is trading below its 20 Hr and its 50 Hr moving averages.
