GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.75% against the USD and closed at 1.2065, amid escalating political uncertainties related to no-deal Brexit.
On the data front, UK’s manufacturing PMI unexpectedly declined to a seven-year low level of 47.4 in August, as rising Brexit fears and global economic slowdown weighed on new work and output volumes and defying market expectations for a rise to a level of 48.8. In the preceding month, the PMI had registered a reading of 48.0.
In the Asian session, at GMT0300, the pair is trading at 1.2034, with the GBP trading 0.26% lower against the USD from yesterday’s close.
Overnight data showed that Britain’s BRC retail sales across all sectors fell 0.5% on a yearly basis in August, following a gain of 0.1% in the prior month.
The pair is expected to find support at 1.1984, and a fall through could take it to the next support level of 1.1933. The pair is expected to find its first resistance at 1.2130, and a rise through could take it to the next resistance level of 1.2225.
Trading trend in the Sterling today, is expected to be determined by UK’s Markit construction PMI for August, set to release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
