GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.07% against the USD and closed at 1.6311.
The US Dollar weakened after lower than expected US PMI manufacturing data in December. The Manufacturing PMI declined to 54.4 in preliminary reading of December from 54.7 in November while consensus was an increase to 55.0. However, losses were limited after strong industrial and manufacturing production in the US for the month of November.
In the Asian session, at GMT0400, the pair is trading at 1.6319, with the GBP trading 0.05% higher from yesterday’s close.
The pair is expected to find support at 1.6288, and a fall through could take it to the next support level of 1.6258. The pair is expected to find its first resistance at 1.6350, and a rise through could take it to the next resistance level of 1.6382.
Investors would scrutinise the consumer and producer inflation figures to gauge further direction in the Sterling, later in the day.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
