For the 24 hours to 23:00 GMT, the GBP declined 0.22% against the USD and closed at 1.2969 on Friday.
Data indicated that, UK’s construction PMI unexpectedly climbed to a 16-month high level of 53.2 in October, defying market expectations for a drop to a level of 52.0. In the preceding month, the PMI had recorded a reading of 52.1.
In the Asian session, at GMT0400, the pair is trading at 1.2985, with the GBP trading 0.12% higher against the USD from Friday’s close.
The pair is expected to find support at 1.2944, and a fall through could take it to the next support level of 1.2904. The pair is expected to find its first resistance at 1.3033, and a rise through could take it to the next resistance level of 1.3082.
Looking forward, traders would keep an eye on UK’s services PMI for October, scheduled to release in a while.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
