GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP traded flat against the USD and closed at 1.5927.
In the UK, the construction Purchasing Manager Index (PMI) rose to 53.9 in October compared to 50.1 in September.
In the Asian session, at GMT0400, the pair is trading at 1.5909, with the GBP trading 0.11% lower from yesterday’s close.
The pair is expected to find support at 1.5841, and a fall through could take it to the next support level of 1.5774. The pair is expected to find its first resistance at 1.6012, and a rise through could take it to the next resistance level of 1.6116.
Trading trends in the pair today are expected to be determined by release of the Bank of England (BoE) governor King’s speech and services Purchasing Managers’ Index (PMI) in the UK.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
