GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.21% against the USD and closed at 1.3079 on Friday, after data showed that Britain’s Markit manufacturing PMI fell to a level of 52.8 in January, hitting its lowest level in three months and more than market forecasts for a drop to a level of 53.5. In the previous month, the index had recorded a reading of 54.2.
In the Asian session, at GMT0400, the pair is trading at 1.3079, with the GBP trading flat against the USD from Friday’s close.
The pair is expected to find support at 1.3044, and a fall through could take it to the next support level of 1.3008. The pair is expected to find its first resistance at 1.3115, and a rise through could take it to the next resistance level of 1.3150.
Trading trend in the Sterling today is expected to be determined by UK’s construction PMI for January, due 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.
