GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.85% against the USD and closed at 1.3143.
In economic news, UK’s final manufacturing PMI fell to a level of 47.5 in December, marking its steepest fall since 2012 and more than market expectations for a drop to a level of 47.6. The manufacturing PMI had recorded a level of 48.9 in the prior month, while preliminary figures had indicated a fall to a level of 47.4.
In the Asian session, at GMT0400, the pair is trading at 1.3135, with the GBP trading 0.06% lower against the USD from yesterday’s close.
Overnight data showed that UK’s BRC shop price index decreased 0.4% on a yearly basis in December, following a drop of 0.5% in the preceding month.
The pair is expected to find support at 1.3084, and a fall through could take it to the next support level of 1.3033. The pair is expected to find its first resistance at 1.3218, and a rise through could take it to the next resistance level of 1.3301.
Looking forward, investors would keep an eye on UK’s consumer credit and mortgage approvals for November along with the Markit construction PMI for December, scheduled to release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
