GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.96% against the USD and closed at 1.3269, after UK’s seasonally adjusted Markit manufacturing PMI advanced above expectations to a level of 53.3 in August, jumping back into the expansion territory and notching its highest level in ten-months, boosting speculation that the Bank of England might rethink on the need to cut interest rate again. The index recorded a revised level of 48.3 in the previous month, compared to market expectations for an advance to a level of 49.0.
In the Asian session, at GMT0300, the pair is trading at 1.3284, with the GBP trading 0.11% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.3168, and a fall through could take it to the next support level of 1.3051. The pair is expected to find its first resistance at 1.3359, and a rise through could take it to the next resistance level of 1.3433.
Looking forward, investors would look forward to UK’s Markit construction PMI data for August, slated to release in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
