GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.06% against the USD and closed at 1.5880, following better-than-expected UK manufacturing data.
In the UK, Markit manufacturing purchasing managers’ index rose to a reading of 49.5 in August, moving much closer to the 50 level, from a reading of 45.4 in July.
In the Asian session, at GMT0300, the pair is trading at 1.5895, with the GBP trading 0.09% higher from yesterday’s close.
This morning, in the UK, BRC like-for-like sales fell 0.4% (YoY) in August following a 0.1% increase in July.
The pair is expected to find support at 1.5866, and a fall through could take it to the next support level of 1.5836. The pair is expected to find its first resistance at 1.5912, and a rise through could take it to the next resistance level of 1.5928.
In the day ahead, investors await Halifax house prices and BRC shop price index data in the UK.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
