GBP/USD: Britain’s services PMI surprisingly expanded to an 8-month high level in June


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 0.29% against the USD and closed at 1.3230, as UK’s services PMI unexpectedly climbed to a level of 55.1 in June, posting its highest level in 8-months, driven by robust growth in new work and raising expectations for August rate hike. Markets had envisaged for an unchanged reading. In the preceding month, the PMI had recorded a reading of 54.0.

In the Asian session, at GMT0300, the pair is trading at 1.3228, with the GBP trading slightly lower against the USD from yesterday’s close.

The pair is expected to find support at 1.3183, and a fall through could take it to the next support level of 1.3137. The pair is expected to find its first resistance at 1.3262, and a rise through could take it to the next resistance level of 1.3295.

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

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