GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.04% against the USD and closed at 1.6027, after the manufacturing Purchasing Managers Index (PMI) in the UK rose to a 10-month high in March.
On a seasonally adjusted basis, the manufacturing Purchasing Managers’ Index (PMI) in the UK climbed to a reading of 52.1 in March, marking the highest level in ten months, and compared to an upwardly revised reading of 51.5 posted in February.
In the Asian session, at GMT0300, the pair is trading at 1.6042, with the GBP trading 0.09% higher from yesterday’s close.
The British Chambers of Commerce (BCC) stated that the UK economy would probably avoid a recession this year and the government needs to do more to increase lending to help a “weak” recovery. The BCC also added that it now expects UK GDP to have expanded 0.3% in the first quarter of 2012, while its forecast for the full year is 0.6%.
The pair is expected to find support at 1.5993, and a fall through could take it to the next support level of 1.5944. The pair is expected to find its first resistance at 1.6077, and a rise through could take it to the next resistance level of 1.6112.
Trading trends in the pair today are expected to be determined by the release of PMI construction in the UK.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
