GBP/USD: UK’s services sector growth picked-up slightly in April


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP marginally declined against the USD and closed at 1.3571.

In economic news, Britain’s Markit services PMI advanced less-than-expected to a level of 52.8 in April, compared to market expectations for a rise to a level of 53.5. In the prior month, the PMI had recorded a 20-month low level of 51.7.

In the Asian session, at GMT0300, the pair is trading at 1.3578, with the GBP trading 0.05% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.3534, and a fall through could take it to the next support level of 1.349. The pair is expected to find its first resistance at 1.3626, and a rise through could take it to the next resistance level of 1.3674.

With no major macroeconomic releases in the UK today, investors would await the Bank of England’s monetary policy meeting, due next week.

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

This entry was posted in GBP/USD. Bookmark the permalink.

Comments are closed.