GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.19% against the USD and closed at 1.2088.
Data showed that UK’s construction PMI unexpectedly eased to a level of 45.0 in August, marking its sharpest decline since March 2009 and defying market consensus for a rise to a level of 46.5. In the preceding month, the PMI had recorded a reading of 45.3.
In the Asian session, at GMT0300, the pair is trading at 1.2112, with the GBP trading 0.20% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2010, and a fall through could take it to the next support level of 1.1908. The pair is expected to find its first resistance at 1.2163, and a rise through could take it to the next resistance level of 1.2214.
Moving ahead, investors would keep an eye on UK’s Markit services PMI for August, slated to release in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
