GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.9% against the USD and closed at 1.4081.
On the economic front, UK’s construction PMI unexpectedly fell to a level of 54.2 in February, touching its ten-month low level and adding to concerns of slowdown in the nation’s economy. Markets expected the index to climb to a level of 55.5, compared to a reading of 55.0 in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.4077, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.3962, and a fall through could take it to the next support level of 1.3848. The pair is expected to find its first resistance at 1.4143, and a rise through could take it to the next resistance level of 1.4209.
Going ahead, UK’s Markit services PMI and seasonally adjusted nationwide house price index data, both for the month of February, due to release in a few hours, will attract a lot of market attention.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
