GBP/USD: Britain’s services sector expanded at its weakest pace in four months in June


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 0.06% against the USD and closed at 1.2936.

On the data front, Britain’s Markit services PMI fell to a four-month low level of 53.4 in June, highlighting that heightened political and Brexit uncertainties are taking their toll on the economy. In the previous month, the PMI had recoded a level of 53.8, while market participants were anticipating the PMI to drop to a level of 53.5.

In the Asian session, at GMT0300, the pair is trading at 1.2931, with the GBP trading slightly lower against the USD from yesterday’s close.

The pair is expected to find support at 1.2901, and a fall through could take it to the next support level of 1.2870. The pair is expected to find its first resistance at 1.2955, and a rise through could take it to the next resistance level of 1.2978.

In absence of any major economic news in the UK today, investor sentiment will be governed by global macroeconomic factors.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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