GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.58% against the USD and closed at 1.5666.
However, UK’s seasonally adjusted service purchasing managers’ index (PMI) advanced to 51.5 in January, from 48.9 in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.5660, with the GBP trading marginally lower from yesterday’s close.
This morning, the British Retail Consortium reported that its annual shop price inflation in the UK fell to 0.6% in January, the lowest since November 2009 and compared to a 1.5% rate recorded in the previous month.
The pair is expected to find support at 1.5592, and a fall through could take it to the next support level of 1.5523. The pair is expected to find its first resistance at 1.5767, and a rise through could take it to the next resistance level of 1.5873.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
