GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 1.30% against the USD and closed at 1.5139, after UK’s Markit services PMI notched its highest level since July 2015.
Data showed that Britain’s services PMI advanced more-than-expected to a level of 55.9 in November, compared to a reading of 54.9 in the previous month. Investors had expected it to edge up to a level of 55.0.
In the Asian session, at GMT0400, the pair is trading at 1.5127, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.4967, and a fall through could take it to the next support level of 1.4808. The pair is expected to find its first resistance at 1.5224, and a rise through could take it to the next resistance level of 1.5320.
Moving ahead, investors will closely watch the BoE’s interest rate decision, scheduled to be announced later next week.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
