GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.77% against the USD and closed at 1.6310, as traders refrained from taking major bets in the UK Pound after data showed that the Markit manufacturing PMI for the Britain economy fell to a reading of 56.7 in the month of January, defying market expectations for a rise to a level of 57.3, from a level of 57.2 seen in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.6284, with the GBP trading 0.16% lower from yesterday’s close.
The pair is expected to find support at 1.6233, and a fall through could take it to the next support level of 1.6181. The pair is expected to find its first resistance at 1.6386, and a rise through could take it to the next resistance level of 1.6487.
Traders keenly await the release of UK construction PMI data for further cues in the Sterling.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
