Pound Trading A Tad Higher Ahead Of UK Construction PMI Data
GCI Financial | Apr 02, 2015 01:48AM ET
For the 24 hours to 23:00 GMT, the GBP traded flat against the USD and closed at 1.4830.
Yesterday, data indicated that Britain’s manufacturing PMI edged up to an 8-month high reading of 54.4, registering 24 consecutive months of expansion in March, boosted by a strong domestic demand in the nation and compared to a level of 54.0 registered in the preceding month.
In the Asian session, at GMT0300, the pair is trading at 1.4836, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.4759, and a fall through could take it to the next support level of 1.4682. The pair is expected to find its first resistance at 1.4893, and a rise through could take it to the next resistance level of 1.4950.
Looking ahead, GBP focused investors await the release of UK construction PMI, scheduled in a few hours to gain an insight into the nation’s overall health for the first quarter of 2015.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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