GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.47% against the USD and closed at 1.6097, after the UK’s seasonally adjusted manufacturing purchasing managers’ index (PMI) rose to 49.1 in November, from a revised reading of 47.3 in October.
In the Asian session, at GMT0400, the pair is trading at 1.6097, with the GBP trading flat from yesterday’s close.
This morning, the British Retail Consortium (BRC) reported that on a like-for-like basis retail sales rose 0.4% (YoY) in November, compared to a 0.1% decline in the previous month.
The pair is expected to find support at 1.6044, and a fall through could take it to the next support level of 1.5991. The pair is expected to find its first resistance at 1.6133, and a rise through could take it to the next resistance level of 1.6169.
Trading trends in the pair today are expected to be determined by the release of construction PMI in the UK.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
