GBPUSD Movement
For the 24 hours to 23:00 GMT on Friday, GBP fell 0.51% against the USD and closed at 1.6148.
In the UK, the index of services on a seasonally adjusted basis rose 1.1% (MoM) in July, compared to the forecast for a 1.5% rise.
Meanwhile, the Fitch Ratings affirmed the UK’s AAA sovereign rating but warned that the government debt levels and lackluster growth could threaten that top-notch grade
In the Asian session, at GMT0300, the pair is trading at 1.6123, with the GBP trading 0.15% lower from Friday close, after the Hometrack stated that the UK house prices fell for a third month in September on weakening demand. UK house prices declined 0.1% (MoM) in September, following 0.1% fall in August.
The pair is expected to find support at 1.6064, and a fall through could take it to the next support level of 1.6005. The pair is expected to find its first resistance at 1.6228, and a rise through could take it to the next resistance level of 1.6332.
In the UK, investors await the purchasing manager index manufacturing data later in the day, which is expected to remain in the contraction territory.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
