GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.60% against the USD and closed at 1.2833 on Friday, amid dismal manufacturing and services PMIs.
In economic news, UK’s Markit manufacturing PMI eased to a level of 48.3 in November, declining to its lowest level in 2 months and more than market anticipation for a drop to a level of 49.0. In the preceding month, the PMI had recorded a reading of 49.6. Meanwhile, the nation’s services PMI unexpectedly fell to a 40-month low level of 48.6 in November, defying market consensus for an unchanged reading. In the prior month, the PMI had recoded a reading of 50.0.
In the Asian session, at GMT0400, the pair is trading at 1.2843, with the GBP trading 0.08% higher against the USD from Friday’s close.
The pair is expected to find support at 1.2802, and a fall through could take it to the next support level of 1.2761. The pair is expected to find its first resistance at 1.2906, and a rise through could take it to the next resistance level of 1.2969.
In absence of key economic releases in the UK today, investor sentiment would be determined by global macroeconomic events.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
