GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.29% against the USD and closed at 1.2519.
On the data front, UK’s Markit manufacturing PMI climbed to 50.1 in June, more than market consensus for a rise to a level of 45.0 and compared to a reading of 40.7 in the previous month. Additionally, the Markit services PMI surged to 47.0 in June, more than market forecast for a rise to a level of 40.0 and compared to a reading of 29.0 in the earlier month.
In the Asian session, at GMT0300, the pair is trading at 1.2521, with the GBP trading marginally higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2454, and a fall through could take it to the next support level of 1.2388. The pair is expected to find its first resistance at 1.2565, and a rise through could take it to the next resistance level of 1.2610.
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 and 50 Hr moving averages.
