GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.19% against the USD and closed at 1.3294 on Friday, after UK’s construction PMI advanced more-than-expected to a 3-month high level of 49.2 in August, after registering a reading of 45.9 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3309, with the GBP trading 0.11% higher against the USD from Friday’s close.
Over the weekend, British Prime Minister (PM), Theresa May cautioned that “there will be difficult times ahead” for the UK economy following the Brexit vote and that the government would continue to monitor incoming economic data before setting out its fiscal policy later this year.
The pair is expected to find support at 1.3256, and a fall through could take it to the next support level of 1.3202. The pair is expected to find its first resistance at 1.3357, and a rise through could take it to the next resistance level of 1.3404.
Moving ahead, market participants will look forward to the release of UK’s Markit services PMI data for August, due in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
