GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.78% against the USD and closed at 1.5546, after the Markit/CIPS manufacturing Purchasing Managers’ Index (PMI) in the UK dropped to 45.4 in July, the lowest level since March 2009, from a revised reading of 48.4 in June.
In the Asian session, at GMT0300, the pair is trading at 1.5540, with the GBP trading steady from yesterday’s close.
The pair is expected to find support at 1.5478, and a fall through could take it to the next support level of 1.5417. The pair is expected to find its first resistance at 1.5646, and a rise through could take it to the next resistance level of 1.5753.
Later today, the Bank of England (BoE) is expected to keep key interest rate and asset purchase target unchanged at 0.50% and £375 billion, respectively. Investors are also eyeing Halifax house price and construction PMI data in the UK.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
