GBP/USD: UK’s services sector activity grew at its fastest pace in five years in July


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 0.41% against the USD and closed at 1.3125.

On the data front, UK’s Markit services PMI climbed to 56.5 in July, compared to a level of 47.1 in the prior month. The preliminary figures had indicated an advance to 56.6.

In the Asian session, at GMT0300, the pair is trading at 1.3129, with the GBP trading marginally higher against the USD from yesterday’s close.

The pair is expected to find support at 1.3071, and a fall through could take it to the next support level of 1.3012. The pair is expected to find its first resistance at 1.3175, and a rise through could take it to the next resistance level of 1.3220.

Moving ahead, traders would keep a watch on the Bank of England’s interest rate decision and the UK Markit construction PMI for July, slated to release in a few hours.

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

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