GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.35% against the USD and closed at 1.5757. However, gains in the Pound were limited as concerns over political tensions in the Euro-zone reduced investor risk appetite.
On the economic front, UK’s construction PMI stood at a reading of 48.7 in January, unchanged from December. Market had expected a higher reading of 49.2.
In the Asian session, at GMT0400, the pair is trading at 1.5752, with the GBP trading marginally lower from yesterday’s close.
Data released in the UK this morning indicated that the British Retail Consortium’s (BRC) like-for-like retail sales rose 1.9% (YoY) in January, compared to a 0.3% rise posted in December.
The pair is expected to find support at 1.5706, and a fall through could take it to the next support level of 1.5661. The pair is expected to find its first resistance at 1.5785, and a rise through could take it to the next resistance level of 1.5819.
In the UK, Halifax house prices and Markit services PMI data are scheduled for release later today.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
