GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.35% against the USD and closed at 1.5032. Losses were capped, following upbeat Markit manufacturing PMI data in the UK.
The UK Markit manufacturing PMI climbed more than expected to a level of 53.0 in January, against market expectations for a rise to 52.7 and compared to prior month’s reading of 52.5.
In the Asian session, at GMT0400, the pair is trading at 1.5024, with the GBP trading a tad lower from yesterday’s close.
The pair is expected to find support at 1.4990, and a fall through could take it to the next support level of 1.4956. The pair is expected to find its first resistance at 1.5074, and a rise through could take it to the next resistance level of 1.5124.
Trading trends in the Pound today are expected to be determined by the UK’s construction PMI data, set for release in few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
