GBPUSD Movement
For the 24 hours to 23:00 GMT on Friday, GBP rose 0.85% against the USD and closed at 1.5644, as risk appetite received a boost following a stronger-than expected US employment report.
In the UK, services Purchasing Managers’ Index (PMI) fell to a reading of 51.0 in July, from a reading of 51.3 in June. Market had expected a reading of 51.6. Separately, official reserves rose by $528 million in July, after rising by $914 million in June.
In the Asian session, at GMT0300, the pair is trading at 1.5619, with the GBP trading 0.16% lower from Friday’s close.
This morning, the Lloyds employment confidence in the UK, rose slightly to -51.0 in July, compared to a reading of -53.0 in June.
The pair is expected to find support at 1.5533, and a fall through could take it to the next support level of 1.5447. The pair is expected to find its first resistance at 1.5681, and a rise through could take it to the next resistance level of 1.5743.
In the UK, investors await Halifax house price and BRC sales data, due to be released later in the day.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
