GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.06% against the USD and closed at 1.4413, after UK’s construction PMI fell more-than-expected to a 9-month low level of 55.0 in January, compared to market expectations of a fall to a level of 57.5 and following a reading of 57.8 in the preceding month, suggesting that the UK construction firms experienced growth slowdown at the start of 2016.
In the Asian session, at GMT0400, the pair is trading at 1.4409, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.4341, 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 1.4462, and a rise through could take it to the next resistance level of 1.4515.
Going ahead, market participants will keep a close watch on UK’s Markit services PMI data for January, scheduled to be released in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
