GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.83% against the USD and closed at 1.5157. Britain’s Markit construction PMI unexpectedly climbed to a level of 59.1 in January, from December’s 17-month low reading of 57.6. Markets were expecting it to ease to a level of 57.0.
In the Asian session, at GMT0400, the pair is trading at 1.5159, with the GBP trading a tad higher from yesterday’s close.
Earlier today, data revealed that the UK’s BRC shop price index fell 1.3% on an annual basis in January lower than market expectations for a drop of 1.6%. The index had declined 1.7% in the prior month.
The pair is expected to find support at 1.5031, and a fall through could take it to the next support level of 1.4903. The pair is expected to find its first resistance at 1.5243, and a rise through could take it to the next resistance level of 1.5328.
Trading trends in the Pound today are expected to be determined by the Markit services PMI data in the UK, scheduled in few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
