GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.87% against the USD and closed at 1.2973 on Friday.
Data showed that UK’s Markit manufacturing PMI unexpectedly advanced to a level of 51.9 in February, defying market expectations for drop to 49.7 and compared to a reading of 50.0 in the previous month. Meanwhile, the Markit services PMI declined more-than-expected to a level of 53.3 in February, marking its lowest level in 2 months and compared to 53.9 in the prior month.
In the Asian session, at GMT0400, the pair is trading at 1.2936, with the GBP trading 0.29% lower against the USD from Friday’s close.
The pair is expected to find support at 1.2887, and a fall through could take it to the next support level of 1.2838. The pair is expected to find its first resistance at 1.2983, and a rise through could take it to the next resistance level of 1.3030.
Going forward, traders would closely monitor UK’s BBA mortgage applications for January, slated to release in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
