GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.43% against the USD and closed at 1.2885.
Data showed that UK’s construction PMI contracted for the sixth consecutive month to a level of 44.2 in October, following a reading of 43.3 in the prior month.
In the Asian session, at GMT0400, the pair is trading at 1.2885, with the GBP trading flat against the USD from yesterday’s close.
The pair is expected to find support at 1.2860, and a fall through could take it to the next support level of 1.2835. The pair is expected to find its first resistance at 1.2926, and a rise through could take it to the next resistance level of 1.2967.
Looking forward, investors would await UK’s Markit services PMI for October, set to release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
