GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.37% against the USD and closed at 1.2484, after data revealed that UK’s manufacturing sector activity unexpectedly cooled for a third consecutive month in March.
UK’s Markit manufacturing PMI surprisingly eased to a level of 54.2 in March, compared to market consensus for an advance to a level of 55.0 and dropping for a third straight month, thus highlighting that the nation’s manufacturing sector ended the first quarter on a weaker footing. In the prior month, the PMI had recorded a revised reading of 54.5.
In the Asian session, at GMT0300, the pair is trading at 1.2490, with the GBP trading slightly higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2451, and a fall through could take it to the next support level of 1.2412. The pair is expected to find its first resistance at 1.2541, and a rise through could take it to the next resistance level of 1.2592.
Looking ahead, investors await the release of UK’s Markit construction PMI for March, due in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
