GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose marginally against the USD and closed at 1.5218, after the UK’s manufacturing Purchasing Managers’ Index (PMI) recorded a 25-month high reading of 52.5 in June. Further adding to the positive tone, number of mortgage approvals for house purchases advanced to 58.24K in May, its highest level since December 2009. Separately, UK’s M4 money supply unexpectedly dropped in May, while consumer credit rose more-than-expected in May.
In the Asian session, at GMT0300, the pair is trading at 1.5213, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.5181, and a fall through could take it to the next support level of 1.5148. The pair is expected to find its first resistance at 1.5248, and a rise through could take it to the next resistance level of 1.5282.
After recording upbeat manufacturing PMI data yesterday, investors are looking for a similar rise in today’s scheduled construction PMI data in the UK.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
