GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.45% against the USD and closed at 1.5357, following mixed economic data in the UK.
Britain’s seasonally adjusted Markit manufacturing PMI climbed more than expected to a 7-month high of 54.1 in February, against market expectations of a rise to 53.4. The index had risen to a level of 53.1 in January, adding signs that the UK economy has started on a strong footing in 2015.
Other economic data showed that, mortgage approvals in the UK rose to a level of 60.8K in January, lower than market expectations for an advance to 61.0K and compared to previous month’s reading of 60.3 K. Additionally, UK’s net consumer credit advanced £0.80 billion, less than market expectations for a rise of £0.90 billion. In the prior month, net consumer credit had climbed by a revised £ 0.50 billion.
In the Asian session, at GMT0400, the pair is trading at 1.5372, with the GBP trading 0.1% higher from yesterday’s close.
The pair is expected to find support at 1.5341, and a fall through could take it to the next support level of 1.5309. The pair is expected to find its first resistance at 1.5413, and a rise through could take it to the next resistance level of 1.5455.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
