GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose marginally against the USD and closed at 1.6099.
On the economic front, the UK’s Chartered Institute of Purchasing & Supply (CIPS) reported that the construction purchasing managers’ index (PMI) fell to a reading of 49.3 in November, from a reading of 50.9 in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.6116, with the GBP trading 0.10% higher from yesterday’s close.
The British Retail Consortium indicated this morning that the annual shop price inflation in the UK remained unchanged at 1.5% in November.
The pair is expected to find support at 1.6093, and a fall through could take it to the next support level of 1.6070. The pair is expected to find its first resistance at 1.6135, and a rise through could take it to the next resistance level of 1.6154.
Trading trends in the pair today are expected to be determined by the release of Markit services PMI. In the US, investors await the release of ADP employment change, factory orders and ISM non-manufacturing PMI.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
