GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose marginally against the USD and closed at 1.5420.
In economic news, UK’s Markit construction PMI declined to a level of 58.8 in October, in line with expectations, and compared to a reading of 59.9 in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.5422, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.5372, and a fall through could take it to the next support level of 1.5322. The pair is expected to find its first resistance at 1.5459, and a rise through could take it to the next resistance level of 1.5496.
Moving ahead, investors will look forward to Britain’s Markit services PMI index data for October, scheduled to be released in a few hours.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
