Thu, Oct 06, 2022 @ 09:55 GMT
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British Pound Declines As No-Deal Worries Resurface

For the 24 hours to 23:00 GMT, the GBP declined 0.70% against the USD and closed at 1.2995, as no-deal fears re-emerged, after British Prime Minister, Boris Johnson, set out tough terms for Brexit talks with the European Union.

On the macro front, UK’s final Markit manufacturing PMI advanced to 50.00 in January, marking its highest level in nine months and compared to a level of 47.50 in the previous month. The preliminary figures had recorded an advance to 49.80.

In the Asian session, at GMT0400, the pair is trading at 1.300, with the GBP trading marginally higher against the USD from yesterday’s close.

The pair is expected to find support at 1.2931, and a fall through could take it to the next support level of 1.2861. The pair is expected to find its first resistance at 1.3121, and a rise through could take it to the next resistance level of 1.3241.

Trading trend in the pair today is expected to be determined by UK’s Markit construction PMI for January, slated to release in a few hours.

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

GCI Financial
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