GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.60% against the USD and closed at 1.5636, following dismal construction PMI data figure in the UK.
The nation’s construction PMI fell more-than-expected to 59.4 in November, marking its slowest pace of expansion since June 2013. The index had registered a reading of 61.4 in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 1.5643, with the GBP trading marginally higher from yesterday’s close.
Earlier today, data indicated that the BRC shop price index in the UK eased 1.9% on a MoM basis in November, following a similar fall recorded in October.
The pair is expected to find support at 1.5603, and a fall through could take it to the next support level of 1.5564. The pair is expected to find its first resistance at 1.5710, and a rise through could take it to the next resistance level of 1.5778.
Trading trends in the Pound today are expected to be determined by Britain’s annual autumn forecast statement by the UK Treasury, scheduled later today. Meanwhile, investors would monitor the release of the nation’s services PMI data, scheduled in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
