GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.19% against the USD and closed at 1.5547, as an upbeat UK manufacturing PMI data boosted confidence in the recovery of the economy.
The Markit manufacturing PMI for the UK surged to a level of 57.2 during August, surpassing market’s expectation for a rise to 55.0 and compared to a reading of 54.8 recorded in the previous month. Separately, the BRC retail sales monitor advanced 1.8% (YoY) in August following a 2.2% increase seen in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.5555, with the GBP trading tad higher from yesterday’s close.
The pair is expected to find support at 1.5525, and a fall through could take it to the next support level of 1.5495. The pair is expected to find its first resistance at 1.5590, and a rise through could take it to the next resistance level of 1.5625.
Investors await the release of UK’s construction PMI data for further direction.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
