GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 1.39% against the USD and closed at 1.2550, amid mounting worries over Brexit.
On data front, UK’s manufacturing PMI unexpectedly advanced to a six-month high level of 54.2 in December, defying market expectations for a fall to a level of 52.5. The PMI had registered a revised reading of 53.6 in the prior month.
In the Asian session, at GMT0400, the pair is trading at 1.2549, with the GBP trading slightly lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2402, and a fall through could take it to the next support level of 1.2256. The pair is expected to find its first resistance at 1.2734, and a rise through could take it to the next resistance level of 1.2920.
Trading trend in the Sterling today is expected to be determined by UK’s Markit construction PMI for December, slated to release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
