GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.75% against the USD and closed at 1.6298, amid poor UK manufacturing data.
In the UK, the manufacturing Purchasing Managers’ Index (PMI) declined to a reading of 49.1 in July, following a revised reading of 51.4 recorded in June.
The pair opened the Asian session at 1.6298, and is trading at 1.6314 at 3.00GMT. The pair is trading 0.10% higher from yesterday’s close at 23:00 GMT.
The pair has its first short term resistance at 1.6442, followed by the next resistance at 1.6571. The first support is at 1.6209, with the subsequent support at 1.6105.
With a series of UK economic releases today, including Halifax house prices and BRC shop price index, trading in the pair is expected to be influenced by the resulting cues from these releases.
The currency pair is trading just below its 20 Hr and its 50 Hr moving averages.
