GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.75% against the USD and closed at 1.5907.
Earlier, the Pound had advanced after the construction Purchasing Managers’ Index (PMI) in the UK rose unexpectedly to 56.7 in March, marking the highest level in 21 months.
However, gains in the pound were tempered after minutes from the Federal Reserve’s latest policy meeting damped expectations for more monetary stimulus.
In the Asian session, at GMT0300, the pair is trading at 1.5891, with the GBP trading 0.10% lower from yesterday’s close.
This morning, the British Retail Consortium (BRC) reported that the annual Shop Price Inflation Index in the UK rose to 1.5% in March, compared to a rate of 1.2% in the previous month.
The pair is expected to find support at 1.5828, and a fall through could take it to the next support level of 1.5766. The pair is expected to find its first resistance at 1.5999, and a rise through could take it to the next resistance level of 1.6107.
The British Pound is likely to receive increased market attention, with services Purchasing Manufacturing Index (PMI) data due to be released later today, in the UK.
The currency pair is trading well below its 20 Hr and 50 Hr moving averages.
