GBP/USD: Britain’s construction activity registers moderate growth in May


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.45% against the USD and closed at 1.3315, amid continuing worries over Brexit.

On the macroeconomic front, UK’s Markit construction PMI remained steady at a level of 52.5 in May, supported by good weather conditions. Market had anticipated the PMI to drop to a level of 52.0.

In the Asian session, at GMT0300, the pair is trading at 1.3309, with the GBP trading 0.05% lower against the USD from yesterday’s close.

The pair is expected to find support at 1.3270, and a fall through could take it to the next support level of 1.3230. The pair is expected to find its first resistance at 1.3374, and a rise through could take it to the next resistance level of 1.3438.

Going ahead, investors will keep a watch on Britain’s Markit services PMI for May, set to release in a few hours.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

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