GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.86% against the USD and closed at 1.4946.
In economic news, UK’s Markit construction PMI dropped to a 7-month low level of 55.3 in November, compared to a reading of 58.8 in the previous month. Investors had expected it to fall to a level of 58.5.
In the Asian session, at GMT0400, the pair is trading at 1.4931, with the GBP trading 0.1% lower from yesterday’s close.
The pair is expected to find support at 1.4856, and a fall through could take it to the next support level of 1.4782. The pair is expected to find its first resistance at 1.5044, and a rise through could take it to the next resistance level of 1.5157.
Going ahead, market participants will look forward to Britain’s Markit services PMI data for November, scheduled to be released in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
