GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.47% against the USD and closed at 1.4817.
In economic news, the UK Markit services PMI advanced to a 7-month high reading of 58.9 and remained in an expansion territory for the 27th consecutive month in March, while market expectations for it were to rise to a level of 57.0. The index had recorded a level of 56.70 in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.4827, with the GBP trading 0.07% higher from yesterday’s close.
The pair is expected to find support at 1.4779, and a fall through could take it to the next support level of 1.4732. The pair is expected to find its first resistance at 1.4898, and a rise through could take it to the next resistance level of 1.4969.
With no notable macro data in the UK today, investors focus is likely to shift to the BoE’s interest rate decision, scheduled tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
