GBP/USD: Britain’s manufacturing PMI unexpectedly climbed in May


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 0.39% against the USD and closed at 1.3349 on Friday.

In economic news, UK’s Markit manufacturing PMI sector unexpectedly rose to a level of 54.4 in May. Markets had anticipated the index to drop to a level of 53.5. In the prior month, the PMI registered a reading of 53.9.

In the Asian session, at GMT0300, the pair is trading at 1.337, with the GBP trading 0.16% higher against the USD from Friday’s close.

The pair is expected to find support at 1.3290, and a fall through could take it to the next support level of 1.3211. The pair is expected to find its first resistance at 1.3413, and a rise through could take it to the next resistance level of 1.3457.

Trading trend in the Pound today is expected to be determined by UK’s construction PMI data for May, scheduled to release in a while.

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

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