GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.08% against the USD and closed at 1.6221, after reports showed that manufacturing purchasing managers’ index (PMI) in the UK declined to 50.5 in April, compared to 51.9 in March. Market had expected manufacturing PMI to fell to 51.5 in April.
In the Asian session, at GMT0300, the pair is trading at 1.6226, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.6193, and a fall through could take it to the next support level of 1.6159. The pair is expected to find its first resistance at 1.6254, and a rise through could take it to the next resistance level of 1.6281.
With a series of UK economic releases today, including Halifax house prices and money supply, trading in the pair is expected to be influenced by the resulting cues from these releases.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
