GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.10% against the USD and closed at 1.5563, after a report showed that the UK’s construction PMI advanced for a fourth month in August.
The construction PMI rose to a level of 59.1 in August, beating market estimates for a reading of 56.8 and following a 57.0 level registered in the previous month. Separately, another report showed that the BRC shop price index declined 0.5% (MoM) in August, following a similar drop seen in the earlier month.
In the Asian session, at GMT0300, the pair is trading at 1.5563, with the GBP trading flat from yesterday’s close.
The pair is expected to find support at 1.5521, and a fall through could take it to the next support level of 1.5478. The pair is expected to find its first resistance at 1.5605, and a rise through could take it to the next resistance level of 1.5646.
With strong manufacturing PMI released earlier this week, traders remain optimistic that services PMI data releasing today might echo a similar trend.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
