GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.08% against the USD and closed at 1.3128.
Data showed that, UK’s Markit manufacturing PMI eased to a level of 54.0 in July, hitting its lowest level in 3 months and more than market expectations for a decline to a level of 54.2. The PMI had registered a revised reading of 54.3 in the prior month. Meanwhile, seasonally adjusted Nationwide house prices advanced 0.6% on a monthly basis in July, compared to a rise of 0.5% in the previous month. Markets participants had anticipated the prices to rise 0.1%.
In the Asian session, at GMT0300, the pair is trading at 1.3107, with the GBP trading 0.16% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.3087, and a fall through could take it to the next support level of 1.3068. The pair is expected to find its first resistance at 1.3135, and a rise through could take it to the next resistance level of 1.3164.
Looking ahead, traders will await the Bank of England’s interest rate decision and inflation report for further direction. Moreover, UK’s construction PMI for July, scheduled to release in few hours, will keep investors on their toes.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
