GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.42% against the USD and closed at 1.3077.
In the economic news, UK’s manufacturing PMI unexpectedly climbed to a level of 55.1 in March, notching its highest level in 13 months. In the prior month, the PMI had recorded a revised level of 52.1, while market participants had envisaged the PMI to ease to a level of 51.2.
In the Asian session, at GMT0300, the pair is trading at 1.3071, with the GBP trading 0.05% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.3011, and a fall through could take it to the next support level of 1.2952. The pair is expected to find its first resistance at 1.3140, and a rise through could take it to the next resistance level of 1.3210.
Going forward, investors would await UK’s Markit construction PMI for March, scheduled to release in a few hours.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
