GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 4.93% against the USD and closed at 1.2386.
On the data front, UK’s manufacturing PMI dropped to a 3-month low level of 47.8 in March, compared to a reading of 51.7 in the previous month. The preliminary figures had indicated a fall to a level of 48.0.
In the Asian session, at GMT0300, the pair is trading at 1.2381, with the GBP trading marginally lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2328, and a fall through could take it to the next support level of 1.2276. The pair is expected to find its first resistance at 1.2436, and a rise through could take it to the next resistance level of 1.2492.
Moving ahead, investors would keep a watch on UK’s Nationwide house prices for March, slated to release in a few hours.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
