GBP/USD: Pair trading lower this morning ahead ... - GCI Forex News

GCI Forex News - GBP/USD: Pair trading lower this morning ahead of the UK construction PMI data

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GBPUSD Movement

For the 24 hours to 23:00 GMT, GBP rose marginally against the USD and closed at 1.6133.

On the economic front, UK?s manufacturing PMI declined to a reading of 47.5 in October, compared to a revised reading of 48.1 in September. Meanwhile, house prices fell 0.9% (YoY) in October, following a 1.4% decline in the previous month.

In the Asian session, at GMT0400, the pair is trading at 1.6112, with the GBP trading 0.13% lower from yesterday?s close.

The pair is expected to find support at 1.6085, and a fall through could take it to the next support level of 1.6059. The pair is expected to find its first resistance at 1.6157, and a rise through could take it to the next resistance level of 1.6201.

Trading trends in the pair today are expected to be determined by the release of construction PMI in the UK.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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Source: http://forexnews.gcitrading.com/currencies/gbpusd/gbpusd-pair-trading-lower-this-morning-ahead-of-the-uk-construction-pmi-data.htm

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