GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.73% against the USD on Friday and closed at 1.5842.
In the UK, the construction Purchasing Managers’ Index (PMI) climbed unexpectedly to a reading of 54.3 in February, from a reading of 51.4 posted in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.5814, with the GBP trading 0.18% lower from Friday’s close, after the British Chambers of Commerce (BCC) lowered its 2012 growth projection for the economy to 0.6% from 0.8% in December, and stated that the UK government should bolster aid to companies to help them weather headwinds from Europe’s debt crisis.
The pair is expected to find support at 1.5766, and a fall through could take it to the next support level of 1.5717. The pair is expected to find its first resistance at 1.5907, and a rise through could take it to the next resistance level of 1.6000.
The British Pound is likely to receive increased market attention, with services Purchasing Manager Index data due to be released later today in the UK.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
