GBPUSD Movement
For the 24 hours to 23:00 GMT on Friday, GBP fell 0.95% against the USD and closed at 1.5718, as investors fretted over weak manufacturing data in the UK. The Markit’s manufacturing PMI fell to a reading of 50.8 in January, from a downwardly revised reading of 51.2 in December.
In the Asian session, at GMT0400, the pair is trading at 1.5699, with the GBP trading 0.12% lower from Friday’s close.
This morning, the Lloyds business sentiment index in the UK retreated to a reading of 15.0 in January, compared to a reading of 20.0 reported in the previous month.
The pair is expected to find support at 1.5632, and a fall through could take it to the next support level of 1.5564. The pair is expected to find its first resistance at 1.5824, and a rise through could take it to the next resistance level of 1.5948.
Trading trends in the pair today are expected to be determined by the release of Halifax house prices and construction PMI data in the UK.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
