GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.35% against the USD and closed at 1.4627, after the UK’s Markit services PMI expanded at a slower-than-anticipated pace and recorded a reading of 55.5 in December, compared to a reading of 55.9 in the previous month and against market expectations for it to drop to a level of 55.6, thus indicating modest growth outlook for the UK economy.
In the Asian session, at GMT0400, the pair is trading at 1.4626, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.4595, and a fall through could take it to the next support level of 1.4563. The pair is expected to find its first resistance at 1.4665, and a rise through could take it to the next resistance level of 1.4704.
Going ahead, investors will look forward to UK’s total trade balance data for November, scheduled to release tomorrow.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
