GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.19% against the USD and closed at 1.6389, after the UK construction activity surged to a level of 62.6 in November, from October’s 59.4.
In the Asian session, at GMT0400, the pair is trading at 1.6391, with the GBP trading tad higher from yesterday’s close.
This morning, the British Retail Consortium (BRC) reported that on an annual basis, its shop price index in the UK dropped 0.3% in November, from the 0.5% decline reported in October.
The pair is expected to find support at 1.6349, and a fall through could take it to the next support level of 1.6306. The pair is expected to find its first resistance at 1.6436, and a rise through could take it to the next resistance level of 1.6480.
Trading trends in the pair today are expected to be determined by the services PMI to be released later during the day.
The currency pair is trading just below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
