GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.21% against the USD and closed at 1.3956.
On the economic front, UK’s seasonally adjusted Markit manufacturing PMI fell more-than-anticipated to nearly a 3-year low level of 50.8 in February, showing signs that the nation’s recovery could be slowing further. Markets expected the index to fall to a level of 52.3 and following a reading of 52.9 in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.3956, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.3901, and a fall through could take it to the next support level of 1.3845. The pair is expected to find its first resistance at 1.4016, and a rise through could take it to the next resistance level of 1.4075.
Going ahead, market participants will look forward to UK’s construction PMI data for February which is expected to show slight improvement in the nation’s construction activity, set to release in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
