GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.11% against the USD and closed at 1.6360, despite data revealing that the manufacturing activity in the region rose to 58.4 in November, from a revised reading of 56.5 in October.
In the Asian session, at GMT0400, the pair is trading at 1.6362, with the GBP trading marginally higher from yesterday’s close.
This morning, the British Retail Consortium reported that on an annual basis, like-for-like retail sales in the UK increased 0.6% in November, compared to a 0.8% rise recorded in the previous month.
The pair is expected to find support at 1.6327, and a fall through could take it to the next support level of 1.6292. The pair is expected to find its first resistance at 1.6413, and a rise through could take it to the next resistance level of 1.6464.
Trading trends in the pair today are expected to be determined by the construction PMI report, to be released later during the day.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
