GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.93% against the USD and closed at 1.4123 on Friday, after UK’s construction PMI showed a poor performance in January.
Data revealed that activity in UK’s construction sector slumped to a 4-month low level in January, after the Markit construction PMI sharply eased to a level of 50.2, as uncertainty surrounding Brexit led to a sharp slow-down in new orders. Markets were expecting the PMI to drop to a level of 52.0, after recording a level of 52.2 in the prior month.
In the Asian session, at GMT0400, the pair is trading at 1.4115, with the GBP trading 0.06% lower against the USD from Friday’s close.
The pair is expected to find support at 1.4041, and a fall through could take it to the next support level of 1.3967. The pair is expected to find its first resistance at 1.4231, and a rise through could take it to the next resistance level of 1.4347.
Trading trend in the Pound today is expected to be determined by the release of UK’s Markit services PMI for January, set to release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
