GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.30% against the USD and closed at 1.4263.
In economic news, UK’s construction PMI remained steady at a 10-month low level of 54.2 in March, as concerns over the EU referendum weighed on the sector. Investors had expected it to fall to a level of 54.1.
In the Asian session, at GMT0300, the pair is trading at 1.4262, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.4194, and a fall through could take it to the next support level of 1.4126. The pair is expected to find its first resistance at 1.4326, and a rise through could take it to the next resistance level of 1.4391.
Moving ahead, market participants will look forward to the release of Britain’s Markit services PMI data for March, scheduled to release in a few hours.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
