GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.37% against the USD and closed at 1.5253, after the UK services sector expanded less than expected in August.
The UK services PMI eased to 55.60 in August, compared to market expectations of an advance to a level of 57.70. In the previous month, the services PMI had registered a reading of 57.40, dampening optimism about the UK economy.
In the Asian session, at GMT0300, the pair is trading at 1.5239, with the GBP trading 0.09% lower from yesterday’s close.
The pair is expected to find support at 1.5204, and a fall through could take it to the next support level of 1.5168. The pair is expected to find its first resistance at 1.529, and a rise through could take it to the next resistance level of 1.5341.
Meanwhile, the BoE’s interest rate decision, scheduled in the next week would keep sterling investors on their toes.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
