GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.65% against the USD and closed at 1.2847.
In economic news, data showed that UK’s seasonally adjusted Markit manufacturing PMI unexpectedly climbed to a level of 55.4 in September, hitting its highest level since June 2014, reassuring investors that the impact of the historic Brexit vote is fading. Markets expected the index to ease to a level of 52.1, following a revised reading of 53.4 in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.2824, with the GBP trading 0.18% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2777, and a fall through could take it to the next support level of 1.2729. The pair is expected to find its first resistance at 1.2909, and a rise through could take it to the next resistance level of 1.2993.
Investors this afternoon would focus on UK’s Markit construction PMI for September, scheduled to release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
