GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.14% against the USD and closed at 1.5864.
Data released in the UK showed that the Purchasing Managers’ Index for the service sector declined to a reading of 53.8 in February, marking the slowest growth in three months. Additionally, the UK government net reserves increased by $746.0 million to $46.84 billion in February. At the same time, gross reserves rose to $98.93 billion from $96.38 billion a month ago.
In the Asian session, at GMT0400, the pair is trading at 1.5853, with the GBP trading 0.07% lower from yesterday’s close, after the British Retail Consortium’s (BRC) monthly retail sales monitor stated that same-store-sales declined 0.3% on the year in February.
The pair is expected to find support at 1.5799, and a fall through could take it to the next support level of 1.5744. The pair is expected to find its first resistance at 1.5895, and a rise through could take it to the next resistance level of 1.5937.
The currency pair is converging with its 20 Hr and its 50 Hr moving averages.
