Pound Reverses Its Losses In The Asian Session
GCI Financial | Apr 08, 2015 03:44AM ET
For the 24 hours to 23:00 GMT, the GBP fell 0.47% against the USD and closed at 1.4817.
In economic news, the UK Markit services PMI advanced to a 7-month high reading of 58.9 and remained in an expansion territory for the 27th consecutive month in March, while market expectations for it were to rise to a level of 57.0. The index had recorded a level of 56.70 in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.4827, with the GBP trading 0.07% higher from yesterday’s close.
The pair is expected to find support at 1.4779, and a fall through could take it to the next support level of 1.4732. The pair is expected to find its first resistance at 1.4898, and a rise through could take it to the next resistance level of 1.4969.
With no notable macro data in the UK today, investors focus is likely to shift to the BoE’s interest rate decision, scheduled tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.