GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose marginally against the USD and closed at 1.6193. The US Dollar lost ground against the Pound as the US government called for a shutdown after the Republicans and the Democrats failed to agree on President’s healthcare bill. However the losses were capped after data showed that the US ISM manufacturing PMI surged to a level of 56.2 in September, defying analysts’ call for a decline from previous month’s reading of 55.7 to a 55.0 level.
Meanwhile in the UK, data showed that the nation’s Markit manufacturing PMI fell to a reading of 56.7, below market expectation for a rise to 57.3 and compared to a level of 57.2 seen in the preceding month.
In the Asian session, at GMT0300, the pair is trading at 1.6174, with the GBP trading 0.12% lower from yesterday’s close.
The pair is expected to find support at 1.6137, and a fall through could take it to the next support level of 1.6099. The pair is expected to find its first resistance at 1.6237, and a rise through could take it to the next resistance level of 1.6299.
Investors await the release of UK’s PMI construction data, due later today, for further guidance in the Pound.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
