GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.26% against the USD and closed at 1.5966, after the UK services PMI dropped to a level of 56.2 in October, marking its lowest reading since May 2013, more than market expectations to drop to a level to 58.5 and compared to previous month’s mark of 58.7, thus dampening optimism over the health of the Britain economy.
In other economic news, the nation’s official reserves slid by $652.0 million in October, following a drop of $1640.0 million recorded in the prior month.
In the Asian session, at GMT0400, the pair is trading at 1.5964, with the GBP trading a tad lower from yesterday’s close.
The pair is expected to find support at 1.5881, and a fall through could take it to the next support level of 1.5797. The pair is expected to find its first resistance at 1.6036, and a rise through could take it to the next resistance level of 1.6107.
Trading trends in the Pound today are expected to be determined by the BoE’s crucial interest rate decision, scheduled later in the day.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
