GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.61% against the USD and closed at 1.5591, after UK service sector growth slackened in June.
In the UK, services purchasing manager index (PMI) fell more-than-expected to reading of 51.3 in June. Market had expected it to fall to 52.9 in June.
Separately, the Bank of England (BoE) stated that the UK housing equity withdrawal remained negative, as it showed that households reduced their mortgage debt by £8.8billion in the first quarter of the year.
In the Asian session, at GMT0300, the pair is trading at 1.5588, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.5548, and a fall through could take it to the next support level of 1.5508. The pair is expected to find its first resistance at 1.5655, and a rise through could take it to the next resistance level of 1.5722.
Today, BoE is expected to increase asset purchase target by £25 billion to £375 billion. Investors are also awaiting BoE interest rate decision and Halifax house price data in the UK.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
