GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.62% against the USD and closed at 1.5269, following downbeat Markit services PMI data in the UK.
Yesterday, Britain’s Markit services PMI unexpectedly dropped to a level of 56.7 in February, following previous month’s reading of 57.2, while markets were expecting the index to rise to 57.5, thus dampening optimism over the economic outlook of the nation.
In the Asian session, at GMT0400, the pair is trading at 1.5255, with the GBP trading 0.09% lower from yesterday’s close.
The pair is expected to find support at 1.5214, and a fall through could take it to the next support level of 1.5173. The pair is expected to find its first resistance at 1.5333, and a rise through could take it to the next resistance level of 1.5411.
Going forward, investors will keep a close eye on the BoE’s interest rate decision, scheduled later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
