GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.59% against the USD, on Friday, and closed at 1.5599, following reports showing a decline in the UK construction PMI.
British Pound also came under pressure, after the Bank of England’s (BoE) Financial Policy Committee (FPC) raised concerns over the British banking system, urging banks to “give serious consideration to raising external capital in the coming months.”
In the UK, the construction Purchasing Managers’ Index (PMI) declined to 52.3 in November, compared to 53.9 in October.
In the Asian session, at GMT0400, the pair is trading at 1.5606, with the GBP trading 0.05% higher from Friday’s close.
The pair is expected to find support at 1.5546, and a fall through could take it to the next support level of 1.5487. The pair is expected to find its first resistance at 1.5696, and a rise through could take it to the next resistance level of 1.5787.
The pair is expected to trade on the cues from the release of services Purchasing Manager Index (PMI) in the UK.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
