GBPUSD Movement
For the 24 hours to 23:00 GMT on Friday, GBP fell 0.68% against the USD and closed at 1.6024, as the US Dollar rose after better-than-expected US October jobs report reduced the possibility of further quantitative easing by the central bank.
On the economic front, construction PMI in the UK rose to a seasonally adjusted 50.9 in October, from 49.5 in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.6028, with the GBP trading marginally higher from Friday’s close.
The pair is expected to find support at 1.5984, and a fall through could take it to the next support level of 1.594. The pair is expected to find its first resistance at 1.6096, and a rise through could take it to the next resistance level of 1.6164.
Trading trends in the pair today are expected to be determined by the release of services PMI in the UK.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
