GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 1.27% against the USD and closed at 1.4596, after UK’s dominant services sector grew at a faster pace than expected in January.
Data showed that the nation’s Markit services PMI unexpectedly advanced to a level of 55.6 in January, from a reading of 55.5 in the previous month and compared to market expectations of a fall to a level of 55.4.
In the Asian session, at GMT0400, the pair is trading at 1.4586, with the GBP trading 0.07% lower from yesterday’s close.
The pair is expected to find support at 1.4429, and a fall through could take it to the next support level of 1.4273. The pair is expected to find its first resistance at 1.4696, and a rise through could take it to the next resistance level of 1.4807.
Looking ahead, the BoE’s interest rate decision, slated to be announced later today, will garner a lot of market attention.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
