GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP marginally declined against the USD and closed at 1.2884.
Data showed that UK’s services PMI expanded to a level of 50.0 in October, more than market expectations for a rise to a level of 49.7. The PMI had recorded a level of 49.5 in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.2884, with the GBP trading flat against the USD from yesterday’s close.
The pair is expected to find support at 1.2856, and a fall through could take it to the next support level of 1.2829. The pair is expected to find its first resistance at 1.2914, and a rise through could take it to the next resistance level of 1.2945.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
