For the 24 hours to 23:00 GMT, the GBP declined 1.60% against the USD and closed at 1.2820.
Data showed that UK’s Markit construction PMI jumped to 52.6 in February, expanding for the first time since April 2019 and surpassing market forecast for a rise to 48.8. In the previous month, the PMI had recorded a level of 48.4.
In the Asian session, at GMT0400, the pair is trading at 1.2811, with the GBP trading 0.07% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2768, and a fall through could take it to the next support level of 1.2725. The pair is expected to find its first resistance at 1.2849, and a rise through could take it to the next resistance level of 1.2887.
Trading trend in the pair today is expected to be determined by Britain’s Markit services PMI for February, slated to release in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
