GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.05% against the USD and closed at 1.2941 on Friday.
In economic news, UK’s manufacturing PMI unexpectedly advanced to a level of 49.6 in October, defying market expectations for a fall to a level of 48.1. In the previous month, the PMI had registered a level of 48.3. However, the index remained below the expansion level amid Brexit uncertainty.
In the Asian session, at GMT0400, the pair is trading at 1.2938, with the GBP trading a tad lower against the USD from Friday’s close.
The pair is expected to find support at 1.2919, and a fall through could take it to the next support level of 1.2900. The pair is expected to find its first resistance at 1.2965, and a rise through could take it to the next resistance level of 1.2992.
Trading trend in the Sterling today, is expected to be determined by UK’s Markit construction PMI for October, scheduled to release in a few hours.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
