GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.85% against the USD and closed at 1.6470.
In economic news, the UK construction PMI grew at its fastest pace in 7 months to a level of 64.0 in August, higher than market expectations of a level of 61.5 in August and previous month’s 62.4.
In the Asian session, at GMT0300, the pair is trading at 1.6468, with the GBP trading marginally lower from yesterday’s close.
Overnight data indicated that the BRC shop price index in the UK recorded a drop of 1.6%, on an annual basis, in August, lower than market expectations for a fall of 2.0%. In the previous month, the BRC shop price index had fallen 1.9%.
The pair is expected to find support at 1.6423, and a fall through could take it to the next support level of 1.6378. The pair is expected to find its first resistance at 1.6553, and a rise through could take it to the next resistance level of 1.6638.
Trading trends in the Pound today are expected to be determined by services PMI data from the UK, scheduled in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
