GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.63% against the USD and closed at 1.2956.
Data indicated that UK’s services PMI sharply dropped to a 2.5-year low level of 50.1 in January, amid increased worries over Brexit and more than market consensus for a drop to a level of 51.0. The PMI had recorded a reading of 51.2 in the prior month.
In the Asian session, at GMT0400, the pair is trading at 1.2956, with the GBP trading flat against the USD from yesterday’s close.
The pair is expected to find support at 1.2903, and a fall through could take it to the next support level of 1.2850. The pair is expected to find its first resistance at 1.3031, and a rise through could take it to the next resistance level of 1.3106.
In absence of key economic releases in UK today, investor sentiment would be determined by global macroeconomic events.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
