GBP/USD: Britain’s manufacturing PMI surprisingly increased in June


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.34% against the USD and closed at 1.3141.

On the data front, UK’s Markit manufacturing PMI unexpectedly rose to a level of 54.4 in June, defying market expectations for a fall to a level of 54.0. The PMI had registered a revised level of 54.3 in the prior month.

In the Asian session, at GMT0300, the pair is trading at 1.3128, with the GBP trading 0.10% lower against the USD from yesterday’s close.

The pair is expected to find support at 1.3085, and a fall through could take it to the next support level of 1.3042. The pair is expected to find its first resistance at 1.3181, and a rise through could take it to the next resistance level of 1.3234.

Looking forward, investors would keep an eye on the UK’s Markit construction PMI for June, set to release in a few hours.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

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