GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.21% against the USD and closed at 1.5189, following stronger than expected services PMI data in the UK.
The services PMI in the UK climbed to 57.2 in January, higher than market expectations of an advance to a level of 56.3. In the prior month, the index had registered a reading of 55.8.
In other economic news, the Lloyds business barometer registered a rise to a level of 49.0 in January, following a level of 45.0 recorded in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.5207, with the GBP trading 0.12% higher from yesterday’s close.
The pair is expected to find support at 1.5147, and a fall through could take it to the next support level of 1.5086. The pair is expected to find its first resistance at 1.5261, and a rise through could take it to the next resistance level of 1.5314.
Looking ahead, the BoE’s interest rate decision would likely remain to be a low key affair, because of the recent minutes showing unanimity among the central bank policymakers to keep interest rate in the UK unchanged.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
