GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.21% against the USD and closed at 1.6630, after data showed that the UK Markit manufacturing PMI fell to a 8-month low reading of 55.3 in March, contradicting market expectations for the index to rise to 56.7, from previous month’s reading of 56.2.
In the Asian session, at GMT0300, the pair is trading at 1.6633, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.6609, and a fall through could take it to the next support level of 1.6584. The pair is expected to find its first resistance at 1.6667, and a rise through could take it to the next resistance level of 1.6700.
Traders are expected to keep a tab on UK PMI construction data for March, which would provide an insight into the business conditions of the nation’s construction sector.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
