GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.07% against the USD and closed at 1.5869, after the construction purchasing managers index (PMI) in the UK, on a seasonally adjusted basis, fell to a reading of 49.0 in August, from a reading of 50.9 in July. Market had expected a reading of 50.0.
Meanwhile, the services PMI in the UK rose to a reading of 53.7 in August, from a reading of 51.0 in July.
In the Asian session, at GMT0300, the pair is trading at 1.5862, with the GBP trading marginally lower from yesterday’s close.
This morning, the BRC shop price index in the UK rose 1.1% (YoY) in August, compared to a 1.0% rise in July.
The pair is expected to find support at 1.5843, and a fall through could take it to the next support level of 1.5825. The pair is expected to find its first resistance at 1.5895, and a rise through could take it to the next resistance level of 1.5929.
In the day ahead, investors await Halifax house prices data in the UK.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
