GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.14% against the USD and closed at 1.6192, after the UK reported downbeat manufacturing PMI.
The nation’s manufacturing PMI unexpectedly eased to 51.6 in September, registering its slowest pace of expansion in 17 months, compared to market expectations of an advance to 52.7. In the previous month, the index recorded a revised level of 52.2.
In the Asian session, at GMT0300, the pair is trading at 1.6217, with the GBP trading 0.15% higher from yesterday’s close.
The pair is expected to find support at 1.6169, and a fall through could take it to the next support level of 1.6120. The pair is expected to find its first resistance at 1.6259, and a rise through could take it to the next resistance level of 1.6300.
Meanwhile, investors await Britain’s construction PMI data for further cues.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
