GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.12% against the USD and closed at 1.6329, after data showed that UK’s construction PMI rose to a reading of 64.6 in January, defying analysts’ expectation for a fall to a level of 61.5, from a level of 62.1 recorded in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 1.6334, with the GBP trading marginally higher from yesterday’s close.
Earlier today, in the UK, the BRC shop price index registered a 1.0% (MoM) fall in the month of January, following a 0.8% drop recorded in the previous month.
The pair is expected to find support at 1.6278, and a fall through could take it to the next support level of 1.6223. The pair is expected to find its first resistance at 1.6368, and a rise through could take it to the next resistance level of 1.6403.
Traders keenly await the release of Markit UK services PMI data for further cues in the Sterling.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
