GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 1.07% against the USD and closed at 1.6077, amid release of weak economic data from the UK.
In economic news, the Markit/CIPS construction purchasing managers’ index (PMI) fell to 48.7 in December, from 49.3 in November.
Earlier yesterday, the Nationwide Building Society reported a drop in UK house prices for December. It further added that the house prices would continue to fall modestly over 2013 because of a weak economic recovery.
In the Asian session, at GMT0400, the pair is trading at 1.6074, with the GBP trading flat from yesterday’s close.
The pair is expected to find support at 1.6008, and a fall through could take it to the next support level of 1.5942. The pair is expected to find its first resistance at 1.6191, and a rise through could take it to the next resistance level of 1.6308.
A series of UK economic releases is slated for today, including Halifax house prices and purchasing managers’ index services.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
