GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.22% against the USD and closed at 1.4679.
In economic news, UK’s Markit construction PMI rebounded more-than-expected to a level of 57.8 in December, from a seven-month low level of 55.3 in November, while investors had expected it to record a reading of 56.0, indicating that the nation’s economic recovery is back on track.
In the Asian session, at GMT0400, the pair is trading at 1.4662, with the GBP trading 0.11% lower from yesterday’s close.
The pair is expected to find support at 1.4624, and a fall through could take it to the next support level of 1.4586. The pair is expected to find its first resistance at 1.4714, and a rise through could take it to the next resistance level of 1.4765.
Going ahead, market participants will concentrate on Britain’s Markit services PMI data for December, scheduled to release in a few hours, for further cues.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
