GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.76% against the USD and closed at 1.2638.
On macro front, UK’s construction PMI fell to a 3-month low level of 52.8 in December, amid escalating concerns over Brexit uncertainty. In the previous month, the PMI had recorded a reading of 53.4, while market participants had expected for drop to a level of 52.9.
In the Asian session, at GMT0400, the pair is trading at 1.2642, with the GBP trading a tad higher against the USD from yesterday’s close.
Overnight data showed that the BRC shop price index rose by the most in six-years by 0.3% on an annual basis in December, compared to an advance of 0.1% in the previous month.
The pair is expected to find support at 1.2571, and a fall through could take it to the next support level of 1.2501. The pair is expected to find its first resistance at 1.2680, and a rise through could take it to the next resistance level of 1.2719.
Moving forward, investors would closely monitor UK’s net consumer credit and mortgage approvals, both for November followed by the services PMI and Nationwide house price index, both for December, scheduled to release in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
