GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell marginally against the USD and closed at 1.5691, following reports that showed contraction in the UK PMI.
In the UK, the manufacturing Purchasing Managers’ Index (PMI) contracted to 47.6 in November, compared to 47.8 in October.
Separately, the Bank of England Governor, Mervyn King stated that Britain’s banks should build up their capital buffers even further as increased insurance against an “exceptionally threatening” environment still dominated by the Euro-zone debt crisis.
In the Asian session, at GMT0400, the pair is trading at 1.5677, with the GBP trading 0.09% lower from yesterday’s close.
The pair is expected to find support at 1.5624, and a fall through could take it to the next support level of 1.5571. The pair is expected to find its first resistance at 1.5743, and a rise through could take it to the next resistance level of 1.5809.
Trading trends in the pair today are expected to be determined by release of Halifax house prices and construction Purchasing Managers’ Index (PMI) in the UK.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
