GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.10% against the USD and closed at 1.3005 on Friday, after BoE Governor Mark Carney signalled the likely prospects of the UK leaving the EU without a deal.
Data showed that the UK’s services PMI declined to a 3-month low level of 53.5 in July, compared to a reading of 55.1 in the previous month. Market participants had expected the PMI to drop to 54.7.
In the Asian session, at GMT0300, the pair is trading at 1.2996, with the GBP trading 0.07% lower against the USD from Friday’s close.
The pair is expected to find support at 1.2967, and a fall through could take it to the next support level of 1.2938. The pair is expected to find its first resistance at 1.3034, and a rise through could take it to the next resistance level of 1.3072.
Amid lack of economic releases in Britain today, traders would focus on global macroeconomic events for further direction.
The currency pair is showing convergence with its 20 Hr and trading below its 50 Hr moving average.
