GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.07% against the USD and closed at 1.6378, after the UK services PMI fell to a reading of 60.0 in November, compared to 62.5 the preceding month, the highest since August 2011. Separately, the Bank of England (BoE) reported that the nation’s official reserves fell by U$ 868.0 million in November, compared to a decline of U$ 208.0 million reported in October.
In the Asian session, at GMT0400, the pair is trading at 1.6383, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.6338, and a fall through could take it to the next support level of 1.6292. The pair is expected to find its first resistance at 1.6417, and a rise through could take it to the next resistance level of 1.6450.
Trading trends in the pair today is expected to be determined by the BoE policy meeting which would provide cues on the central bank’s policy outlook along with the UK Chancellor, George Osborne’s semi-annual Autumn forecast statement later today, that would give a summary on future growth, spending and taxes.
The currency pair is trading just above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
