GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.61% against the USD and closed at 1.2657.
In economic news, the UK’s Markit manufacturing PMI edged down to a level of 55.9 in January, from a reading of 56.1 in the previous month. Separately, Britain’s mortgage lender, Nationwide indicated that housing prices in the country rose 0.2% on a monthly basis in January, compared to a 0.8% rise in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.266, with the GBP trading marginally higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2575, and a fall through could take it to the next support level of 1.2489. The pair is expected to find its first resistance at 1.2713, and a rise through could take it to the next resistance level of 1.2765.
Going ahead, market participants keenly await the Bank of England’s (BoE) interest rate decision, scheduled to be announced later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
