GBP/USD: Pair Trading Lower This Morning Ahead Of The UK Construction PMI Data
For the 24 hours to 23:00 GMT, GBP rose marginally against the USD and closed at 1.6133.
On the economic front, UK’s manufacturing PMI declined to a reading of 47.5 in October, compared to a revised reading of 48.1 in September. Meanwhile, house prices fell 0.9% (YoY) in October, following a 1.4% decline in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.6112, with the GBP trading 0.13% lower from yesterday’s close.
The pair is expected to find support at 1.6085, and a fall through could take it to the next support level of 1.6059. The pair is expected to find its first resistance at 1.6157, and a rise through could take it to the next resistance level of 1.6201.
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