GBPUSD Movement
On Friday, the GBP declined 1.59% against the USD and closed at 1.5332, following the release of downbeat manufacturing PMI in the UK.
The UK manufacturing PMI unexpectedly eased to a 3-month low level of 52.5 in December from a level of 53.3 in November and falling short of market forecasts of a rise to 53.6.
In other economic news, number of mortgage approvals for house purchases in the nation registered a drop to 59.0 K in November, compared to market expectations of a fall to 58.6 K and compared to prior month’s revised level of 59.5 K. Meanwhile, the BoE indicated that net lending to individuals in the UK advanced £3.30 billion in November, following a revised advance of £2.70 billion in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.5287, with the GBP trading 0.3% lower from Friday’s close.
The pair is expected to find support at 1.5123, and a fall through could take it to the next support level of 1.4959. The pair is expected to find its first resistance at 1.5505, and a rise through could take it to the next resistance level of 1.5724.
Trading trends in the GBP today are expected to be determined by the UK construction PMI data, set for release in few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
