GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.78% against the USD and closed at 1.6332, after a report from the Chartered Institute of Purchasing and Supply showed that UK manufacturing expanded at the slowest pace in nearly two years last month.
In the UK, on a seasonally adjusted annual basis, the M4 money supply in the UK declined 0.9% in April, meanwhile, on a seasonally adjusted monthly basis, the M4 money supply in the UK rose 0.1% in April. The manufacturing purchasing manager index declined to 52.1 in May from 54.4 in April. Additionally, the mortgage approvals declined to 45,166 in April from 47,145 in March.
The pair opened the Asian session at 1.6332, and is trading at 1.6325 at 3.00GMT. The pair is trading 0.04% lower from yesterday’s close at 23:00 GMT.
The pair has its first short term resistance at 1.6443, followed by the next resistance at 1.6562. The first support is at 1.6259, with the subsequent support at 1.6194.
Trading trends in the pair today are expected to be determined by date release on construction purchasing manager index in the UK.
The currency pair is trading just below its 20 Hr and its 50 Hr moving averages.
