GBPUSD Movement
On Friday, GBP declined 1.07% against the USD and closed at 1.5976, after data revealed that the UK services PMI eased to a 3-month low in September to 58.7, lower than market expectations of a fall to 59.0 and compared to a 9-month high reading of 60.5 registered in August.
In the Asian session, at GMT0300, the pair is trading at 1.598, with the GBP trading a tad higher from Friday’s close.
The pair is expected to find support at 1.5907, and a fall through could take it to the next support level of 1.5835. The pair is expected to find its first resistance at 1.6097, and a rise through could take it to the next resistance level of 1.6215.
Amid a light economic calendar from the UK today, investor sentiments would be governed by macro-economic news from other countries.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
