GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.27% against the USD and closed at 1.6148, after the BoE policymaker Ben Broadbent indicated that the UK is not ready for an increase in the interest rates as the nation is not showing full positive signs of economic recovery.
In other economic news, the UK construction PMI unexpectedly rose to an 8-month high in September to 64.2, up from previous month’s level of 64.0 and beating market expectations for a drop to 63.5.
In the Asian session, at GMT0300, the pair is trading at 1.6131, with the GBP trading 0.11% lower from yesterday’s close.
The pair is expected to find support at 1.6078, and a fall through could take it to the next support level of 1.6025. The pair is expected to find its first resistance at 1.6218, and a rise through could take it to the next resistance level of 1.6305.
Going forward, investors await Britain’s services PMI figures, scheduled in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
