GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.08% against the USD and closed at 1.3298, after UK’s Markit services PMI rebounded more-than-anticipated to a level of 52.9 in August, as the British economy seems to be regaining its footing following the country’s surprise decision to leave the European Union. In the prior month, the services PMI had recorded a reading of 47.4.
In the Asian session, at GMT0300, the pair is trading at 1.3319, with the GBP trading 0.16% higher against the USD from yesterday’s close, extending its prior session gains.
Overnight data showed that Britain’s BRC retail sales monitor across all sectors surprisingly eased 0.9% YoY in August, following a 1.1% gain in the previous month.
The pair is expected to find support at 1.3278, and a fall through could take it to the next support level of 1.3238. The pair is expected to find its first resistance at 1.3367, and a rise through could take it to the next resistance level of 1.3416.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
