GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP marginally fell against the USD and closed at 1.6324, after Markit Economics reported that the UK service sector activity declined to a seven-month low reading of 58.3 in January, defying market expectations for a rise to a level of 59.0, from a level of 58.8 registered in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 1.6312, with the GBP trading 0.07% lower from yesterday’s close.
The pair is expected to find support at 1.6262, and a fall through could take it to the next support level of 1.6211. The pair is expected to find its first resistance at 1.6353, and a rise through could take it to the next resistance level of 1.6393.
Later today, investors would turn their attention to the outcome of the Bank of England (BoE)’s monetary policy meeting, wherein the central bank is expected to announce its decision on the nation’s benchmark interest rate and its asset purchase facility.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
