GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.28% against the USD and closed at 1.5587.
In economic news, the manufacturing PMI rose to a level of 51.90 in July, beating market expectations of a rise to a level of 51.60. In the prior month, the index had recorded a level of 51.40.
In the Asian session, at GMT0300, the pair is trading at 1.5597, with the GBP trading 0.06% higher from yesterday’s close.
The pair is expected to find support at 1.5559, and a fall through could take it to the next support level of 1.5521. The pair is expected to find its first resistance at 1.5641, and a rise through could take it to the next resistance level of 1.5684.
Moving ahead, investors would closely monitor Britain’s construction PMI data, scheduled in a few hours for further direction in the Pound.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
