GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose marginally against the USD and closed at 1.6413. Gains in the UK Pound were capped after a report showed that UK’s Markit service PMI declined to a reading of 58.8 in December, defying market expectation for the index to remain unchanged at previous month’s level of 60.0.
In the Asian session, at GMT0400, the pair is trading at 1.6392, with the GBP trading 0.13% lower from yesterday’s close.
The pair is expected to find support at 1.6341, and a fall through could take it to the next support level of 1.6290. The pair is expected to find its first resistance at 1.6439, and a rise through could take it to the next resistance level of 1.6486.
With no major economic releases in the UK later today, traders are expected to keep a tab on global economic news for further guidance in the pair.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
