Sat, Jan 28, 2023 @ 20:11 GMT
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UK’s Services Sector Activity Plunged To Its Lowest In Nearly 2 Years In March

For the 24 hours to 23:00 GMT, the GBP declined 0.58% against the USD and closed at 1.4003, after reading on UK’s services sector came in worse-than-anticipated in March.

Data showed that Britain’s Markit services PMI eased to a level of 51.7 in March, hitting its lowest level since July 2016. Market participants had envisaged the PMI to drop to a level of 54.0, after recording a reading of 54.5 in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.4015, with the GBP trading 0.09% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.3959, and a fall through could take it to the next support level of 1.3903. The pair is expected to find its first resistance at 1.4078, and a rise through could take it to the next resistance level of 1.4141.

Amid no key macroeconomic releases in UK today, investors would direct their attention to Britain’s trade balance, industrial and manufacturing production data as well as the Bank of England’s credit conditions survey report, all due to release next week.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

GCI Financial
GCI Financial
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