GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.47% against the USD and closed at 1.6046 as investors cheered an upbeat growth in the UK’s service sector during October. CIPS/Markit Economics reported that the UK service PMI advanced to a reading of 62.5 in October, defying market estimate of a reading of 59.8 from a reading of 60.3 registered in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.6091, with the GBP trading 0.28% higher from yesterday’s close. Earlier today, in the UK, the BRC shop price index declined 0.5% (MoM) in October, following a 0.2% drop witnessed in the preceding month.
The pair is expected to find support at 1.5993, and a fall through could take it to the next support level of 1.5896. The pair is expected to find its first resistance at 1.6143, and a rise through could take it to the next resistance level of 1.6196.
During the course of the day, NIESR is scheduled to release the keenly awaited report on UK’s GDP estimate, following National Statistics’ data on UK’s industrial and manufacturing output during September.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
