GBP/USD: Growth in UK’s services sector climbed to a 3-month high in May


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 0.56% against the USD and closed at 1.3389, following upbeat in UK’s service data.

On the macro front, UK’s services PMI jumped to a level of 54.0 in May, hitting a 3-month high and beating market expectations for a rise to a level of 53.0. In the prior month, the PMI had registered a reading of 52.8.

In the Asian session, at GMT0300, the pair is trading at 1.3406, with the GBP trading 0.13% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.3333, and a fall through could take it to the next support level of 1.326. The pair is expected to find its first resistance at 1.3448, and a rise through could take it to the next resistance level of 1.349.

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

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