GBPUSD Movement
On Friday, GBP declined 0.41% against the USD and closed at 1.6818 after the UK’s factory activity expanded at a slower-than-expected rate. The manufacturing PMI declined to a reading of 55.4 in July. Market expectations were in line with previous month’s reading of 57.2.
In the Asian session, at GMT0300, the pair is trading at 1.6824, with the GBP trading tad higher from Friday’s close.
The pair is expected to find support at 1.6795, and a fall through could take it to the next support level of 1.6765. The pair is expected to find its first resistance at 1.6872, and a rise through could take it to the next resistance level of 1.6919.
Investors would await the release of UK construction PMI, scheduled later in the day.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
