GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP advanced 0.73% against the USD and closed at 1.2411, as UK’s Markit services PMI expanded at the fastest rate since July 2015, after it jumped unexpectedly to a level of 56.2 in December, suggesting that the nation’s economy continues to show resilience following the Brexit vote. The PMI had recorded a reading of 55.2 in the prior month, whereas markets expected for a drop to a level of 54.7.
In the Asian session, at GMT0400, the pair is trading at 1.2389, with the GBP trading 0.18% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2294, and a fall through could take it to the next support level of 1.2198. The pair is expected to find its first resistance at 1.2458, and a rise through could take it to the next resistance level of 1.2526.
With no economic releases in UK today, investors will concentrate on Britain’s total trade balance, NIESR GDP estimate, industrial and manufacturing production, all scheduled to release next week.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
