GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.36% against the USD and closed at 1.2481 on Friday, after data revealed that growth in Britain’s services sector slowed to a three-month low level in January.
Data showed that UK’s Markit services PMI eased more-than-expected to a level of 54.5 in January, expanding at its slowest pace since October 2016 and compared to market expectations of a fall to a level of 55.8. The PMI had recorded a reading of 56.2 in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.2485, with the GBP trading a tad higher against the USD from Friday’s close.
The pair is expected to find support at 1.2448, and a fall through could take it to the next support level of 1.2412. The pair is expected to find its first resistance at 1.2529, and a rise through could take it to the next resistance level of 1.2574.
Amid no crucial economic releases in UK today, investor sentiment would be governed by global macroeconomic news.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
