GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.22% against the USD and closed at 1.2941.
In economic news, UK’s final manufacturing PMI dropped to a level of 48.9 in November, declining for the seventh consecutive month and compared to a reading of 49.6 in the prior month. The preliminary figures had indicated a fall to 48.3.
In the Asian session, at GMT0400, the pair is trading at 1.2942, with the GBP trading marginally higher against the USD from yesterday’s close.
Overnight data showed that the BRC retail sales across all sectors dropped 4.9% on an annual basis in November, more than market expectations and compared to a rise of 0.1% in the previous month.
The pair is expected to find support at 1.2909, and a fall through could take it to the next support level of 1.2876. The pair is expected to find its first resistance at 1.2962, and a rise through could take it to the next resistance level of 1.2982.
Going forward, investors would await UK’s Markit construction PMI for November, scheduled 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.
