GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP traded marginally higher against the USD and closed at 1.5309. However, the gains were kept in check, as UK’s construction sector expanded less than forecasted in August, dampening optimism about the health of the nation’s economy.
Data showed that the construction PMI registered a reading of 57.3 in August, against market expectations of a rise to a level of 57.5 and compared to prior month’s reading of 57.1.
In the Asian session, at GMT0300, the pair is trading at 1.5296, with the GBP trading 0.09% lower from yesterday’s close.
The pair is expected to find support at 1.5264, and a fall through could take it to the next support level of 1.5233. The pair is expected to find its first resistance at 1.5327, and a rise through could take it to the next resistance level of 1.5359.
Moving ahead, market participants would keep a close eye on UK’s crucial services PMI data, set for release in a few hours.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
