GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.13% against the USD and closed at 1.5417.
In economic news, UK’s Markit manufacturing PMI advanced unexpectedly to a level of 55.5 in October, recording its fastest growth since June 2014, compared to an upwardly revised reading of 51.8 in the previous month. Investors had expected it to decline to a level of 51.3.
In the Asian session, at GMT0400, the pair is trading at 1.5423, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.5386, and a fall through could take it to the next support level of 1.5348. The pair is expected to find its first resistance at 1.548, and a rise through could take it to the next resistance level of 1.5536.
Going ahead, market participants will concentrate on UK’s Markit construction PMI, scheduled to be released in a few hours.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
