GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.30% against the USD and closed at 1.3038.
Data revealed that UK’s construction PMI declined to a 10-month level of 50.6 in January, led by escalating uncertainties over Brexit. The PMI had registered a reading of 52.8 in the previous month, while market participants had anticipated for a drop to a level of 52.5.
In the Asian session, at GMT0400, the pair is trading at 1.3038, with the GBP trading flat against the USD from yesterday’s close.
Overnight data showed that, Britain’s retail sales across all sectors unexpectedly rose 1.8% on a yearly basis in January, defying market expectations for a fall of 0.2%. In the previous month, retail sales across all sectors had recorded a drop of 0.7%.
The pair is expected to find support at 1.3009, and a fall through could take it to the next support level of 1.2980. The pair is expected to find its first resistance at 1.3085, and a rise through could take it to the next resistance level of 1.3132.
Trading trend in the Sterling today is expected to be determined by UK’s Markit services PMI for January, slated to release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
