GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.39% against the USD and closed at 1.5622, as data showed that activities in UK’s service sector expanded at the fastest pace since 2006 in August.
Markit service PMI for the UK advanced to a reading of 60.5 during August, defying analysts’ expectation for a decline to 59.5 and compared to a reading of 60.2 registered in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.5615, with the GBP trading slightly lower from yesterday’s close.
The pair is expected to find support at 1.5566, and a fall through could take it to the next support level of 1.5517. The pair is expected to find its first resistance at 1.5656, and a rise through could take it to the next resistance level of 1.5697.
Traders await the Bank of England’s (BoE) decision on the nation’s benchmark interest rate and asset purchase program, due later today.
The currency pair is showing convergence with its 20 Hr moving average and is trading above it 50 Hr moving average.
