GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 1.34% against the USD and closed at 1.2250.
On the macro front, UK’s services PMI fell to a level of 50.6 in August, compared to a reading of 51.4 in the prior month. Market participants had anticipated the PMI to fall to a level of 51.0.
In the Asian session, at GMT0300, the pair is trading at 1.2243, with the GBP trading 0.06% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2139, and a fall through could take it to the next support level of 1.2035. The pair is expected to find its first resistance at 1.2303, and a rise through could take it to the next resistance level of 1.2363.
Amid lack of economic releases in UK today, traders would focus on global macroeconomic events for further direction.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
