GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose marginally against the USD and closed at 1.5136, following a surprise rise in UK’s services PMI.
Yesterday, UK’s the services purchasing managers’ index (PMI) rose unexpectedly to 51.8 in February, against the expected drop to 51.0 and following a reading of 51.5 in January.
In the Asian session, at GMT0400, the pair is trading at 1.5135, with the GBP trading marginally lower from yesterday’s close.
This morning, the British Retail Consortium (BRC) reported that its annual shop price inflation in the UK climbed to 1.1% in February compared to a 0.6% rate recorded in the previous month.
The pair is expected to find support at 1.5086, and a fall through could take it to the next support level of 1.5037. The pair is expected to find its first resistance at 1.5192, and a rise through could take it to the next resistance level of 1.5249.
Trading trends in the pair today are expected to be determined by the Bank of England’s Governor speech scheduled later today.
The currency pair is showing convergence with its 20 Hr moving average and is trading way above its 50 Hr moving average.
