GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.68% against the USD and closed at 1.5484.
In the UK, construction purchasing manager index fell to 54.4 in May compared to a reading of 55.8 in April.
In the Asian session, at GMT0300, the pair is trading at 1.5481, with the GBP trading marginally lower from yesterday’s close. Data released this morning showed that the BRC retail sales in the UK rose 1.3% (YoY) in May, against the market expectation of 0.7% growth.
The pair is expected to find support at 1.5421, and a fall through could take it to the next support level of 1.5362. The pair is expected to find its first resistance at 1.5528, and a rise through could take it to the next resistance level of 1.5575.
Trading trends in the pair today are expected to be determined by the release of Bank of England (BoE) rate decision and service PMI in the UK.
The currency pair is showing convergence with its 20 Hr and trading above its 50 Hr moving average.
