GBP/USD: UK’s manufacturing activity grew in July


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.20% against the USD and closed at 1.3077.

On the data front, UK’s Markit manufacturing PMI rose to a 16-month high level of 53.3 in July, compared to a reading of 50.1 in the previous month. The preliminary figures had indicated an advance to 53.6.

In the Asian session, at GMT0300, the pair is trading at 1.3087, with the GBP trading 0.08% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.3024, and a fall through could take it to the next support level of 1.2960. The pair is expected to find its first resistance at 1.3132, and a rise through could take it to the next resistance level of 1.3176.

Amid lack of macroeconomic releases in the UK today, investor sentiment would be determined by global macroeconomic factors.

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

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