GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.04% against the USD and closed at 1.6128.
However, gains were capped after data showed that the manufacturing purchasing managers index (PMI) in the UK declined to 48.4 in September, from 49.5 in August. Meanwhile, mortgage approvals in the UK rose to 47,665 in August, from a revised 47,556 in July. Consumer credit fell £0.1 billion in August, compared to a £0.2 billion drop in July.
In the Asian session, at GMT0300, the pair is trading at 1.6135, with the GBP trading 0.04% higher from yesterday’s close.
The pair is expected to find support at 1.6105, and a fall through could take it to the next support level of 1.6076. The pair is expected to find its first resistance at 1.6169, and a rise through could take it to the next resistance level of 1.6204.
Trading trends in the pair today are expected to be determined by the release of construction PMI data in the UK.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
