GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.20% against the USD and closed at 1.5389.
In economic news, UK’s Markit services PMI rose more-than-expected to a level of 54.9 in October, from a reading of 53.3 in the previous month, thus boosting investor optimism over the health of the nation’s economy. Investors had expected it to increase to a level of 54.5.
In the Asian session, at GMT0400, the pair is trading at 1.5383, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.5347, and a fall through could take it to the next support level of 1.5311. The pair is expected to find its first resistance at 1.5433, and a rise through could take it to the next resistance level of 1.5482.
Going ahead, investors will keep a close watch on the BoE’s interest rate decision as well as the quarterly inflation report, scheduled to be announced later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
